PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 13 JUN 2023

13 Jun 2023
1. World markets are looking neutral with a bullish bias.
India VIX and SGX Nifty
1. India VIX is below 12 indicating less volatility. That can be seen in last 2 days rangebound market.
2. SGX Nifty is indicating flat opening at 18601. This amount to 44000 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is slowly moving down to 200 SMA at 1580 without affecting the Bank Nifty. 1590 is a very strong support. 1609 is strong resistance. So bullish and bearish bets can only be taken if these levels are broken.
2. ICICI Bank is also finding strong support at 932 and resistance at 941.5. Any break of 930 will give 945 and any break of 930 will give us 923.
3. Reliance on the other hand is taking support at 200 SMA and bouncing back from there. It has support at 2471 and resistance at 2500. Break of these levels will give us 2475 and 2450 resply.
Analysis
1. As discussed due to world macro economic news flow expected, market has remained range bound.
2. Tomorrow is fin nifty expiry. we can expect some volatility.
3. Bank Nifty is firmly below 20 SMA. It is looking more bearish than Nifty.
3. Nifty is getting good support from IT twin Infy which is up 2% and TCS which is up 1.17%.
TRADING PLAN
1. I remain neutral to bullish on nifty and neutral to bearish on Bank Nifty.
2. Nifty is bullish above 18675 and bearish below 18550 levels.
3. Bank Nifty is bullish above 44150 and bearish below 43800. It is better not to trade in the range of 43800 - 43150.
4. Nifty can be traded bullish above 18630 for a tgt of 18675 - 18700.
5. It is better to trade individual stocks than the indices tomorrow.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERIES.