The weekly options data suggests that the Nifty may see limited upside on Thursday with resistance likely around 18,250 - 18,275 range.
According to Ravi Nathani, an independent technical analyst, one can look to 'Book Profits on rise' as the Nifty 50 index is expected to face resistance in the 18,450 - 18,500 range.
The PCR for Nifty and Bank Nifty for the April series is above 1, suggesting presence of strong Put writes for both derivatives.
According to Ravi Nathani, an independent technical analyst, the Bank Nifty is expected to face resistance around 42,615-42,950-43,600.
Technical analyst Ravi Nathani says the best trading strategy for near-term traders would be to sell Nifty Bank on rallies, with a stop-loss of 41,364
If the Bank Nifty breaks support at 38,780, the index could slide all-the-way to 37,875 level.
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According to the technical analyst, the Bank Nifty is likely to exhibit a negative bias as long as it remains below 42,850.
According to the technical analyst, the key support for the Nifty is at 17,475, below which the NSE benchmark can slide to 17,040 and 16,660 levels.
Global broking and research firm CLSA said on Thursday, that the Adani Group poses no "significant downside risk" to Indian banks.
According to the technical analyst, the if the Bank Nifty fails to hold 41,569 the trend may bearish in the short term.
According to the technical analyst, the IT index is expected to consolidate between 30,600 - 26,300 range.
On the upside, the technical analyst sees 18,336 as the key resistance for the Nifty 50.
The technical analyst expects Nifty to test 18,336 and 18,464 on the upside; whereas Bank Nifty needs to surpass 43,860 for fresh buys, Nathani suggests.
However, the overall market wide position dipped below Rs 2.20 lakh crore for the first time in the last six months.
So far in 2022, the Nifty Bank Index has soared 24 per cent, far outperforming the benchmark indices, the BSE Sensex and Nifty 50, which have gained close to 8 per cent each.
The derivative analyst from HDFC Securities recommends to Buy Bank Nifty 43,500 Call and simultaneously Sell 44,000 Call for the weekly expiry ending on 22-December.
Stock has sharply underperformed peers and is available at reasonable levels
The BSE Sensex and NSE Nifty 50 have scaled fresh life-time highs in the last five straight years; charts suggest that the trend may continue this year.