PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 04 OCT 2023

Oct 3, 2023

04 Oct 2023
WORLD MARKETS
1. World markets are completly bearish. All the world markets are down 1.5 -2.5 %.
INDIA VIX AND GIFT NIFTY
1. India VIX @11.7 is indicating high volatility. GIFT Nifty is indicating 75 points down tick @19450. This amounts to 44200 in Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank and ICICI bank is down 1.0 %. They are looking bearish.
2. HDFC Bank has turned bearish. Any break of 1500 is very bearish.
3. ICICI Bank has sp at 937. Any break of 937 is bearish.
3. Reliance is looking very bearish.
ANALYSIS
1. 1. World markets are bearish.
2. INDIA VIX is trying to break 12 indicating increased volatility.
3. However Everyday Indian indices are gapping down and for the full day it trade in a range.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19569 - 19590 : Sell Any rally to 19600.
2. NIFTY OPEN ABOVE 19565 : Wait for a break out above 19600.
3.NIFTY OPEN BELOW 19490 : Sell any rally to 19500.
4.BANK NIFTY OPEN BETWEEN 44480 - 44313 :Sell any rally to 44500.
5.BANK NIFTY OPEN ABOVE 44500 : Wait for a break out above 44600.
6. BANK NIFTY OPEN BELOW 44200 : Sell any rally 44300.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVIOSR FOR ANY TRADE RELATED QUERIES. THE AUTHOR OF THIS ARTICLE IS NOT RESPONSIBLE FOR ANY TRADE TAKEN BY THE READER.