NIFTY AND BANK NIFTY ANALYSIS FOR 04 NOV 2022
04 Nov 2022 0900 Hrs
1. US and Europe looks weak after the interest rate hike by US Fed to 75 Bips.
2. Most tech stocks like AAPL and amazon have losr 3-4%.
3. Asia is neutral to bullish and has opened in slight positive.
3. HDFC twins remain range bound and bullish. ICICI bk has taken Sp at 20 SMA but remain neutral to bearsih. SBIN is at an all time high which is supporting the Bank nifty.
4. Reliance is bullish.
5. FII are net buyers yesterday.
6. India VIX has cooled down to 15.9 indicating bullish and low volatility.
7. Today is RBI MPC meeting to table a report to parliament for rising inflation.
Verdict.
1. Nifty and bank nifty are at crucial pivot levels. of 41256 and 18046 resply.
2. Any break of Pivot sp decisively may get a follow through to 41158 and 17972.
3. Any move up in the first 15 min may take nifty to 18119 and 41405.
4. Market will remain volatile due to RBI meet.
5. I remain bullish on market and will go long in bank nifty calls if market shows stability in the first 15 min.
THE VIEW ARE PERSONAL PLEASE USE IT TO AID YOUR DECISION MAKING.
1. US and Europe looks weak after the interest rate hike by US Fed to 75 Bips.
2. Most tech stocks like AAPL and amazon have losr 3-4%.
3. Asia is neutral to bullish and has opened in slight positive.
3. HDFC twins remain range bound and bullish. ICICI bk has taken Sp at 20 SMA but remain neutral to bearsih. SBIN is at an all time high which is supporting the Bank nifty.
4. Reliance is bullish.
5. FII are net buyers yesterday.
6. India VIX has cooled down to 15.9 indicating bullish and low volatility.
7. Today is RBI MPC meeting to table a report to parliament for rising inflation.
Verdict.
1. Nifty and bank nifty are at crucial pivot levels. of 41256 and 18046 resply.
2. Any break of Pivot sp decisively may get a follow through to 41158 and 17972.
3. Any move up in the first 15 min may take nifty to 18119 and 41405.
4. Market will remain volatile due to RBI meet.
5. I remain bullish on market and will go long in bank nifty calls if market shows stability in the first 15 min.
THE VIEW ARE PERSONAL PLEASE USE IT TO AID YOUR DECISION MAKING.
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