NIFTY AND BANK NIFTY ANALYSIS FOR 22 NOV 2022.

22 Nov 2022. 0900 Hrs
1. US and Europe is consolidating with a negative bias. Most of the US tech and E-commerce stocks has dragged DJI. Asia has Pulled back from its HIGHS.
3. India VIX is at 14.79 up 2.8 %.
4. SGX Nifty is indicating 45 points up at 18247. This amounts to 150 points uptick on Bank Nifty @ 42500.
5. HDFC Bank is at crucial support level of 1600 and looking bearish. ICICI Bank is above 200 SMA and looking bullish. Kotak bank is bullish and Axis bank has resistance at 20 SMA.
5. Reliance has closed below 20 SMA. Whether it pulls back from 20 SMA is to be seen.
Verdict.
1. I will remain Neutral to bearish till nifty crosses above 18400. Similarly i will remain neutral to bearish till Bank Nifty crosses 42600 levels. Any close below 42237 is a good selling opportunity aggresively. If Bank Nifty show weaknesS or reversal at 42500, 42200 Puts can be bought.
similarly if nifty reverses from 18360 levels, 18100 puts can be bought.
I AM NOT A SEBI REGISTERED TRADER. THE VIEWS ARE PERSONAL. PLEASE USE TO ENHANCE YOUR DECISION MAKING.