Bank Nifty Analysis for Monday 13th March 2023: A Comprehensive Look
Introduction Monday 13th March 2023 marks the start of a fresh week, and the Bank Nifty weekly expiry is on 16th March 2023. On Friday, the 10th of March, Bank Nifty opened gap down and closed at 40485, which is 771 points lower than the previous day’s close.
Market Trends
When analyzing the candlestick pattern on the weekly, daily, and 15-minute time frames, the following conditions were found.
Weekly Time Frame
Bank Nifty follows the trend line, and when the trend line is broken, the next support is at the level of 37883.
Daily Time Frame
On daily time frame strong resistance is observed between the range of 40800 to 41000, while strong support is found at the level of 39743.
15-minute time frame
In the 15-minute time frame, Bank Nifty took the first resistance at the level of 40660 and the second resistance at the level of 40838, with support at the level of 40391.
Option Chain Data Analysis
An analysis of the option chain data for Bank Nifty’s weekly expiry on 16th March 2023 shows that maximum PUT writing is at the level of 40500 and 40000, indicating strong support. If Bank Nifty breaks the level of 40500, the next support is at the level of 40000.
On the CALL side, the maximum CALL writing is at the level of 41500 and 42000, indicating resistance. If the market breaks the resistance level of 41500, the next resistance for Bank Nifty is at the level of 42000.
Global Impact on Monday Market
The collapse of Silicon Valley Bank has a significant impact on the Indian stock market, leading to panic selling. This global development may continue to have an effect on Monday’s market trends.
India CPI February
On Monday, the Ministry of Statistics and Programme Implementation will release February’s headline retail inflation measured by the Consumer Price Index (CPI). This economic indicator may also affect market trends.
Conclusion
Given these market trends and global developments, it is difficult to predict with certainty what will happen to Bank Nifty on Monday. Traders and investors must keep a close watch on market trends and news developments to make informed trading decisions.