PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 21 AUG 2023

21 Aug 2023
WORLD MARKETS
1. World markets has turned negative. US, Europe and Asia all are negative.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 12.14 indicatig bearishness.
2. GIFT Nifty is indicating 48 points downtick at 19262. This amounts to 43700 levels for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is bearish. It has support at 1579.5. Resistance can be seen @ 1596 . Any break of 1587 is bearish for a tgt of 1581.
2. ICICI Bank has resistance at 959. Any break of 946 is bearish. Bullish bets can be taken above 959.
3. Reliance has good sp at 2537. Any dip to 2537 is a buy. It can turn bullish above 2577. Any break of 2438 is bearish.
ANALYSIS
1. Indices are looking bearish.
2. However everyday indices gap down and consolidate . Also The gap down value is slowly coming down and market is getting rangebound.
3. Overall market is bearish.
TRADING PLAN:
1.NIFTY OPEN FLAT : Sell any rall to 19307.
2. NIFTY GAP UP ABOVE 19377: Buy Any dip to 19350 levels.
3. NIFTY GAP DOWN BELOW 19270: Sell Any rally to 19270 and increase the quantity if it break 19240 decisively.
4. BANK NIFTY OPEN BETWEEN 43950 -43770 : Sell Any rally to 43950.
5. BANK NIFTY OPEN BETWEEN 43770 - 43690 : Any rally to 43800 is a sell. Increase qty if 43690 is broken decisively.
6. BANK NIFTY OPEN ABOVE 43950: Wait for a breakout of 44020 decisively.
I AM NOT A SEBI REGISTERED TRADERR. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY.