NIFTY AND BANK NIFTY ANALYSIS FOR 23 NOV 2022

23 Nov 2022 2100 Hrs
1.S&P and DJI is bullish. Nasdaq is bearish.
2. Asia is oversold and Europe is bullish.
3. Sgx Nifty is indicating 36 points up @18323.
4. Bank Nifty is indicating 100 points up @ 42500.
5. HDFC Bank is again at 1597 which is a crucial pivot. However the bank look oversold and ready for an up move. ICICI Bank is overbought levels and may remain choppy and may restrict bank nifty up move and keep bank nifty volatile.
6. Relaince is back above 20 SMA. it is oversold and may remain bullish.
7. IT remains bullish as Infy & TCS have recovered.
8. bank Nifty has broken above 3 days range and remain bullish.
9. Nifty looks clearly bullish.
Verdict.
1. Nifty looks better poised for an up move than Bank Nifty.
2. Bank Nifty will be volatile due to choppy ICICI Bank.
3. If Nifty sustain above 18300 and reliance and HDFC Bank recovers, then 18400 is possible. It will be prudent to buy 18500 call.
4. As far as Bank Nifty is concerned, if bank nifty sustain above 42600, we can buy 43000 call. If Bank Nifty reverses from 42600, then 42200 is possible.
I AM NOT A SEBI REGISTERED TRADER. PLEASE USE THIS INFORMATION FOR ENHANCING YOUR DECISION MAKING.