Bank Nifty Analysis for 12-01-2023
As we can see BANKNIFTY had been volatile to sideways through the day
Observations : 1) Volatiles to Sideways thought the Day.
2) an inverted flag pole pattern in smaller time frame which shows signs of bearish continuation
3) US and Europe is bullish . Asia is consolidating with a bullish bias. India VIX is above 15. SGX Nifty is indicating 14 points uptick means a flat opening. (as on 11 JAN 2023 2130 HRS)
4) Bank nifty has strong resistance @ 42320. 18000 is a strong resistance for nifty .
5) Bank Nifty has highest call OI @ 42500 followed by 42000. Highest put OI is at 42000
Bank Nifty chart in 1 Day Time Frame ( 11-01-2023)
Bank Nifty chart in 15 MIN Time Frame ( 11-01-2023)
PIVOT POINTS
Analysis
1. Since bank nifty has resistance at 42315, i remain bearsih @ 425315 levels. If Bank Nifty breaks 42424 levels, then the bank nifty may have a tgt of 42660 levels.
2. If Bank trade below 42000, i will go short. 42000 - 42315 will be a no trade zone.
3. Nifty has resistance at 17900. if it breaks, then tgt 18000. If nifty breaks, 17800, then we can see a target of 17700. 17800 - 17900 will be choppy.
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