PRE MARKET ANALYSIS FOR 19 APR 2023

18 Apr 2023 2015 Hrs
1. US is consolidating with a bearish bias.
2. Europe is neutral to bearish and over bought.
3. Asia is looking bullish.
4. India VIX is at 12. SGX Nifty is indicating 15 points uptick at 17703 which is a flat opening. So Bank Nifty is also expected to open flat.
5. However indices today did not open as per SGX Nifty.
6. HDFC Bank has very good support at 1650 level. It has resistance at 1670 levels. Break of 1650 level can get us to 1631 levels. Any weakness at 1670 levels can be sold into.
7. ICICI Bank has support at 893 levels. If it breaks 893 levels, then we can see 885. Any move above 902 is bullish. However today also it could not close above 900.
8. Reliance is choppy to bearish. Any move below 2320 will be bearish tgt 2300.
9. Nifty has support at 17550 which is 200 SMA. Nifty has resistance at 17685 and support at 17600 in hourly chart.
10. Bank Nifty has resistance at 42300 and support at 42087. Any break of 42087 can get us 41800 .
Analysis
1. Reliance and IT is dragging down nifty.
2. HDFC Bank and ICICI Bank has turned bearish.
3. I remain bearish on both Nifty and bank nifty.
Trading Plan.
1. I will sell Nifty for any rise to 17700 levels. SL 17770.
2. I will sell Bank Nifty for any rise to 42400 levels. Sl 42500.
3. Tomorrow we may see big move .
4. Any short trade becomes null and void if bank nifty move and stabilise above 42500 and nifty 17770.
I AM NOT A SEBI REGISTERED TRADER. PLEASE CONSULT YOUR FINANCIAL ADVISOR.