Nifty Bank IndexShort
PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 12 JUN 2023
12 Jul 2023
WORLD MARKETS
1. US markets are looking neutral with a bullish bias.
2. Europe and Asia is bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 11 indicating less volatility.
2. GIFT Nifty is indicating 25 points uptick at 19520 fut and 19440 spot. This amounts to 44850 levels for bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is taking support at 1640 and closed above it. It has resistance at 1656. Support is at 1640. Bullish bet can be taken above 1665. Bearish bets can be taken below 1640. Tgt of 1631. Any pull back to 1656 can be sold into.
2, ICICI Bank is neutral to bullish. Strong resistance is at 948-952 levels. Support is at 943. Any break of 942 will be bearish. Tgt of 938. Bullish bet can be taken above 950 levels.
3. Reliance is bullish but over bought. Any reversal by reliance will be brutal. Reliance will turn bearish below 2734. Any move above is bullish for reliance.
ANALYSIS
1. Nifty is still looking bullish.
2. Bank Nifty on the other side is looking bearish. Any rally will be a selling opportunity.
TRADING PLAN
1. NIFTY OPEN FLAT : Any dip to 19400 is a Buying opportunity.
2. NIFTY OPEN GAP UP : Any gap up above 19525 will be bullish. However if the gap up does not sustain, Any close below 19500 is a sell for a tgt of 19400.
3. NIFTY GAP DOWN : Any gap down below 19370 is bearish for a tgt of 19330.
4. BANK NIFTY OPEN FLAT : Any rally to 45000 is a sell. Tgt 44614.
5. BANK NIFTY OPEN GAP UP : Any break of 45010 and sustaining the level is bullish. Tgt of 45228.
6. BANK NIFTY OPEN GAP DOWN: Any stabilisation at 44600 will be bullish for a tgt of 44900. However rejection of of 44600 will give us a tgt of 44300.
I AM NOT A SEBI REGISTERED ANALYST. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY.
WORLD MARKETS
1. US markets are looking neutral with a bullish bias.
2. Europe and Asia is bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 11 indicating less volatility.
2. GIFT Nifty is indicating 25 points uptick at 19520 fut and 19440 spot. This amounts to 44850 levels for bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is taking support at 1640 and closed above it. It has resistance at 1656. Support is at 1640. Bullish bet can be taken above 1665. Bearish bets can be taken below 1640. Tgt of 1631. Any pull back to 1656 can be sold into.
2, ICICI Bank is neutral to bullish. Strong resistance is at 948-952 levels. Support is at 943. Any break of 942 will be bearish. Tgt of 938. Bullish bet can be taken above 950 levels.
3. Reliance is bullish but over bought. Any reversal by reliance will be brutal. Reliance will turn bearish below 2734. Any move above is bullish for reliance.
ANALYSIS
1. Nifty is still looking bullish.
2. Bank Nifty on the other side is looking bearish. Any rally will be a selling opportunity.
TRADING PLAN
1. NIFTY OPEN FLAT : Any dip to 19400 is a Buying opportunity.
2. NIFTY OPEN GAP UP : Any gap up above 19525 will be bullish. However if the gap up does not sustain, Any close below 19500 is a sell for a tgt of 19400.
3. NIFTY GAP DOWN : Any gap down below 19370 is bearish for a tgt of 19330.
4. BANK NIFTY OPEN FLAT : Any rally to 45000 is a sell. Tgt 44614.
5. BANK NIFTY OPEN GAP UP : Any break of 45010 and sustaining the level is bullish. Tgt of 45228.
6. BANK NIFTY OPEN GAP DOWN: Any stabilisation at 44600 will be bullish for a tgt of 44900. However rejection of of 44600 will give us a tgt of 44300.
I AM NOT A SEBI REGISTERED ANALYST. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY.
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