NIFTY AND BANK NIFTY ANALYSIS 30 DEC 2022

30 Dec 2022 2100 hrs
TODAY MARKET BEHAVED AS EXPECTED.
1. At last US has rallied today before new year. But structure is still bearish. Europe has also rallied. But Asia is mixed with Kospi down and Nikkei up.
2. SGX Nifty is indicating 200 points up @ 18402 . This amounts to 600 points uptick in Bank Nifty @ 43952 which is almost near to all time high.
3. HDFC Bank rallied 2.5% from its low which is unusual for a large cap. But it is followed by decrease in momentum.
4. ICICI Bank has rallied almost 3 % from its today's low. The structure here remain bullish.
5. India VIX is down indicating bullishness.
6. Reliance has not participated in today's rally. Today's rally is mainly because of HDFC BANK and ICICI Bank.
7. Surprisingly today's institutional buying is negative with - 15 Cr and FII have sold both in stocks and Index.
Analysis.
1. Market seems to be moving ahead of itself. Data suggest something and market is moving in opposite direction.
2. With 600 points move in bank nifty tomorrow, there will be little room for upside after 400 points rally today. Same is with Nifty also. Today market has closed at it's high. traders will be booking profit tomorrow.
3. Since market has turned bullish, it will not be a good idea to go short.
4. I will wait for a dip to 43500 levels before taking any long position.
5. Aggressive traders can short the market if the first 5 min candle is a red candle of 100 points . SL high of red candle.
I AM NOT A SEBI REGISTERED ANALYST. PLEASE USE THIS INFORMATION TO ENHANCE YOUR KNOWLEDGE. CONSULT YOUR FINANCIAL ADVISOR FOR INVESTING/TRADING.