PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 18 AUG 2023
17 Aug 2023
WORLD MARKETS
1. US and Europe are looking bearish while Asia is looking over sold.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 12 indicating volatility and bearishness.
2. GIFT Nifty is indicating 54 points downtick at 19300 levels. This amounts to 43700 levels in bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank could not break 1615 levels. Next sp is at 1580 levels. It has resistance at 1602 levels. It can be bullish above 1607. If it break 1593, it will be bearish.
2. ICICI Bank could not break 960 levels. Any break of 946 will be bearish for a tgt 940.
3. Relaince has turned negative. It has closed below 2550. Any rally to 2550 will be a sell. Any break of 2530 is a sell, tgt 2524.
ANALYSIS
1. Nifty could not defend 19400 and BAnk Nifty 44000 levels. Nifty is again gapping down. This may result in a range bound market tomorrow also.
2. Index heavy weights are looking negative.
TRADING PLAN
1. Nifty OPEN BETWEEN 19400 - 19327 : Sell any rally to 19400 - 19420 levels.
2. NIFTY OPEN ABOVE 19440 : Bulllish and any dip to 19400 will be a buy.
3. NIFTY OPEN BELOW 19320: Sell Any rally to 19320 levels.
4.BANK NIFTY OPEN BETWEEN 43980 - 43800:Any rally to 44000 is a sell.
5. BANK NIFTY OPEN ABOVE 44000 : Any move above 44070 is bullish for a tgt of 44210 levels.
6.BANK NIFTY OPEN BELOW 43800 : Any rally to 43800 is a sell for a tgt of 43550.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY.
WORLD MARKETS
1. US and Europe are looking bearish while Asia is looking over sold.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 12 indicating volatility and bearishness.
2. GIFT Nifty is indicating 54 points downtick at 19300 levels. This amounts to 43700 levels in bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank could not break 1615 levels. Next sp is at 1580 levels. It has resistance at 1602 levels. It can be bullish above 1607. If it break 1593, it will be bearish.
2. ICICI Bank could not break 960 levels. Any break of 946 will be bearish for a tgt 940.
3. Relaince has turned negative. It has closed below 2550. Any rally to 2550 will be a sell. Any break of 2530 is a sell, tgt 2524.
ANALYSIS
1. Nifty could not defend 19400 and BAnk Nifty 44000 levels. Nifty is again gapping down. This may result in a range bound market tomorrow also.
2. Index heavy weights are looking negative.
TRADING PLAN
1. Nifty OPEN BETWEEN 19400 - 19327 : Sell any rally to 19400 - 19420 levels.
2. NIFTY OPEN ABOVE 19440 : Bulllish and any dip to 19400 will be a buy.
3. NIFTY OPEN BELOW 19320: Sell Any rally to 19320 levels.
4.BANK NIFTY OPEN BETWEEN 43980 - 43800:Any rally to 44000 is a sell.
5. BANK NIFTY OPEN ABOVE 44000 : Any move above 44070 is bullish for a tgt of 44210 levels.
6.BANK NIFTY OPEN BELOW 43800 : Any rally to 43800 is a sell for a tgt of 43550.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY.