PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 07 SEP 2023
07 Sep 2023
WORLD MARKETS
1. US is trading with a bullish bias, whereas Europe is neutral and choppy.
2. In Asia Nikkei is bullish while KOSPI is choppy.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 indicating less volatility and less fear inspite of market treneded below 44300 and Nifty below 19500. GIFT Nifty is indicating 15 points down tick at 19600 levels which is flat.
INDEX HEAVY WEIGHTS
1. HDFC Bank has consolidated for the past one week and has given a break out. 1602 is a strong resistance. If it breaks it, we can get 1608-1610. It will turn fully bullish if 1610 is broken decisively. Tgt 1622. Bearish bets can be taken below 1580 levels. Watch for any weakness at 1603 levels and reversal below 1600 levels.
2. ICICI Bank is struggling and consolidating between 945 - 975. We can trade the range by buying at 945 and selling at 975 till these levels are broken decisively.
3. Reliance has strong support at 2400. Any break of it will be very bearish. It can turn bullish above 2435 levels.So it can be bought at 2400 and sold at 2435 levels.
ANALYSIS
1. India VIX is below 11.
2. HDFC Bank is looking bullish while ICICI Bank and reliance is range bound.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19650 AND 19570 LEVELS. Any dip to 19570 is a buy.
2. NIFTY OPEN ABOVE 19650: Any dip to 19600 is a buy.
3. NIFTY OPEN BELOW 19570: Any break of 19530 is a sell. Any rally to 19600 and break below 19550 is a sell.
4. BANK NIFTY OPEN BETWEEN 44500 - 44300 : Any rally to 44600 and break below 44500 is a sell.
5. BANK NIFTY OPEN ABOVE 44500 : Any break of 44620 is a buy. Wait for consolidation at 44600 and a break out.
6. BANK NIFTY OPEN BELOW 44300 : Any rally to 44400 is a sell. Tgt 44040 levels.
IAM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR BEFORE TAKING ANY TRADE. THE ORGINATOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY ACTIONS TAKEN BY YOU.
WORLD MARKETS
1. US is trading with a bullish bias, whereas Europe is neutral and choppy.
2. In Asia Nikkei is bullish while KOSPI is choppy.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 indicating less volatility and less fear inspite of market treneded below 44300 and Nifty below 19500. GIFT Nifty is indicating 15 points down tick at 19600 levels which is flat.
INDEX HEAVY WEIGHTS
1. HDFC Bank has consolidated for the past one week and has given a break out. 1602 is a strong resistance. If it breaks it, we can get 1608-1610. It will turn fully bullish if 1610 is broken decisively. Tgt 1622. Bearish bets can be taken below 1580 levels. Watch for any weakness at 1603 levels and reversal below 1600 levels.
2. ICICI Bank is struggling and consolidating between 945 - 975. We can trade the range by buying at 945 and selling at 975 till these levels are broken decisively.
3. Reliance has strong support at 2400. Any break of it will be very bearish. It can turn bullish above 2435 levels.So it can be bought at 2400 and sold at 2435 levels.
ANALYSIS
1. India VIX is below 11.
2. HDFC Bank is looking bullish while ICICI Bank and reliance is range bound.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19650 AND 19570 LEVELS. Any dip to 19570 is a buy.
2. NIFTY OPEN ABOVE 19650: Any dip to 19600 is a buy.
3. NIFTY OPEN BELOW 19570: Any break of 19530 is a sell. Any rally to 19600 and break below 19550 is a sell.
4. BANK NIFTY OPEN BETWEEN 44500 - 44300 : Any rally to 44600 and break below 44500 is a sell.
5. BANK NIFTY OPEN ABOVE 44500 : Any break of 44620 is a buy. Wait for consolidation at 44600 and a break out.
6. BANK NIFTY OPEN BELOW 44300 : Any rally to 44400 is a sell. Tgt 44040 levels.
IAM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR BEFORE TAKING ANY TRADE. THE ORGINATOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY ACTIONS TAKEN BY YOU.
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