Bank Nifty Trade Set Up for Tuesday

BankNifty Spot View For: 24/01/2023

Cmp: 42821.75

Support & Downside Range: 42675--42472

Resistance & Upside Range: 42865—43010--43085--43435

Short Term Trend Reversal Level: -- 

Trading View: In today's trading session key level to watch is 42675 spot levels if bank nifty manage to hold it then we may again see up move towards  43010—43085 minimum to max 43435 spot levels whereas break below 42675 we may see weakness and sideways move in bank index.

BANKNIFTY formed hammer on weekly, and testing the channel bottom and 50 DMA

BankNifty. After more than 2 weeks, we see a breakout in Bank Nifty above 42600. Any move above 43000, can trigger smart short covering. We will wait for indications to go long. 

Spot BankNifty If Crosses & Sustains Above 42728.85 We May See A Strong Upmove Of 80 - 120 - 180 Plus Points

BankNifty Jan 42600 CE Can Recover To Near Buying Levels From Here Currently Trading @ 205 - 215 Levels 

Spot BankNifty If Falls & Sustains Below 42633.35 We May See Some More Fall Of 80 - 120 - 180 Plus Points

We Will Try To Enter BankNifty Jan 42900 PE Once BankNifty Sustains Below Mentioned Levels

Trade accurately using our bank Nifty setup and you are rolling in profit on a daily basis as we trade options which requires least capital and you can even start with Rs 5000.

• There are many different strategies that traders can use when trading the Nifty 50 index, including the Bank Nifty index, which focuses on the performance of the banking sector in India. One strategy for trading the Bank Nifty index on a weekly expiry basis could involve the following steps:
• Identify key levels of support and resistance for the Bank Nifty index using technical analysis tools such as trend lines, moving averages, and Fibonacci retracements.
• Use fundamental analysis to identify any major news or events that may affect the performance of the banking sector in India.
• Use options trading strategies such as buying call options or put options at or near key levels of support and resistance.
• Use stop loss orders to limit potential losses in case the trade does not go as planned.
• Use a combination of technical and fundamental analysis to make informed trading decisions.
• It's important to note that this is just one possible strategy and it may not be suitable for all traders. It's also important to keep in mind that past performance does not guarantee future results and that trading involves significant risk. It is always recommended to do your own research and consult a financial advisor before making any trading decisions.

Axis Bank Result Analysis

Axis Bank Q3FY23 Net profit up 62% at Rs 5,853 crore (YoY) NII up 32% at Rs 11,460 crore (YoY) Gross NPA at 2.38% vs 2.50% (QoQ)

Axis Bank is one of the largest private sector banks in India. The bank offers a wide range of products and services to its customers including personal banking, corporate banking, internet banking, and investment banking. Axis Bank's personal banking services include savings accounts, fixed deposits, loans, and credit cards. The bank also offers a variety of corporate banking services such as trade finance, forex services, and working capital finance. In addition, the bank also offers internet banking and mobile banking services, making it easy for customers to access their accounts and conduct transactions online. With a large network of branches and ATMs across the country, Axis Bank is easily accessible to customers. The bank also has a strong focus on digital and technology-enabled services, making it a popular choice for customers looking for modern banking options.

Going forward, given moderate balance sheet expansion (3% QoQ / 10% YoY), we believe Axis Bank needs to accelerate its retail term-deposit engine to support asset growth with the credit/deposit ratio now at 90%. Also, sustained efforts are needed to drive ‘cost to assets’ below 2% in the medium term.

Trading Gyan

Remember that trading is like Fishing where you have to have the patience for the right trade set up to enter and ensure your timely exit.

Never be controlled by 3 things.

Your Past - You cannot change it.

Money - Let it come to you.

People - Focus on yourself and your goal.