NIFTY AND BANK NIFTY ANALYSIS FOR 12 APR 2023

12 Apr 2023 2000 Hrs
1. US indices are looking bullish. Nasdaq is bearish.
2. Europe is choppy and Asia is mixed.
3. SGX Nifty is indicating a flat opening. India VIX is at 11.9 which is low.
4. HDFC bank has closed above 1660 which is a good support . next tgt is 1672 and 1679. if 1660 is broken, we can see 1650.
5. ICICI Bank is looking bullish after a pull back with high volume. Next tgt is 890. It has good support at 878.
6. Reliance has resistance at 2350 and good support at 2320.
7. Nifty has been range bound between 17750 -17650. Nifty got sold off due to IT heavy weight infy and TCS down by 1.5% each.
8. Bank Nifty gapped up due to kotak bank gapping up 5% and ICICI Bank gaining 1.55%. HDFC Bank did not participate in the rally and kept the Bank Nifty choppy throughout the day.

8. Nifty has highest call OI at 17800 and highest put OI at 17700. PCR is at 1.0 indicating BULLISH.
9. Bank Nifty has highest call OI at 41500 and highest put OI at 41000. PCR is at 1.1 indicating bullishness.
Analysis
1. Nifty has defended 17700. so next tgt will be 17800. This needs the support of IT and reliance which did not participate.
2. Bank Nifty has closed above 41240 level. This indicates bullishness. The next tgt will be 41500.
Trading Plan
1. Nifty and bank nifty are bullish. This move has come primarily from kotak and ICICI Bank rally. whereas HDFC Bank and reliance did not participate in the rally.
2. Nifty and bank nifty are buy on dips.
3. Nifty will be bearish below 17650. Bank Nifty will be bearish only below 40925. Any dip can be bought into with HDFC Bank and ICICI Bank supporting indices.
I AM NOT A SEBI REGISTERED TRADER. THIS ANALYSIS IS FOR EDUCATIONAL PURPOSES AND TO ENHANCE BETTER DECISION MAKING.