Nifty Bank IndexShort
PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 10 JUL 2023
10 Jul 2023
WORLD MARKETS
1. World Markets are looking bearish. US is neutral to bearish while Europe and Asia is bearish.
INDIA VIX AND GIFT NIFTY
1. GIFT Nifty is indicating a 58 points down tick at 19500 fut and 19330 spot. This amounts to 44800 for Bank Nifty.
2. India VIX is at 11.5 which is down 2.5 %.
INDEX HEAVY WEIGHTS
1.HDFC Bank is heading towards 1640 levels which is 20 SMA on daily chart. It has good support at 1655 levels. Any break of this level will give us 1640. It can be bullish only above 1670 levels. Any move to 1665 will be a selling opportunity.
2. ICICI Bank has good support at 945. Any break of 943 will be bearish for a tgt of 939 -935. Any pull back to 950 will be a selling opportunity. It can turn bullish only above 952 levels.
3. Reliance has made an inverted hammer pattern indicating bearishness. However this needs confirmation as a bearish reversal. It can turn bullish above 2655 and bearish below 2613. Any move in between will make nifty choppy. However reliance may give a trending move tomorrow.
Analysis
1. Indices have turned cautious to bearish for short term.
2. This is due to result season kicking in. Market may stay volatile on the days of result of heavy weights. IT may not come up with good result due to slow down in US and Europe. Bank May come up with good result.
3. On 12 Jul TCS and HCL Tech will be coming up with result.
4. For the next 2 days, market may remain side ways to bearish.
TRADING PLAN
1. Nifty open flat : Any rally to 19400 is a sell SL 19450. Tgt 19300.
2. Nifty Gap down : Wait for Nifty to break 19270 levels and then sell.SL 19350 levels. Tgt 19207. If nifty start consolidating @ 19270 -19300 levels, we can get a move upto 19350 levels. But Risk/reward may not be good.
3. Nifty gap open above 19400 : wait for Nifty to cross 19450. Tgt 19500.
4. Bank Nifty open Flat : Any rally to 45030 is a sell. Tgt 44830.
5. Bank Nifty gap down : If it gap down below 44800 wait for a pull back and see whether it defends 44800. If it reverses from 44800 and break the low of the day, go aggressively short for a tgt of 44700 - 44550 levels.
2. Bank Nifty open flat : Any rally to 45030 will be a sell for a tgt of 44800 and below.
3. Bank Nifty gap open above 45030: Wait for a move above 44150 decisively and then it is a buy with less conviction. stay light. If it cross 45320, then we can aggressively go long.
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. World Markets are looking bearish. US is neutral to bearish while Europe and Asia is bearish.
INDIA VIX AND GIFT NIFTY
1. GIFT Nifty is indicating a 58 points down tick at 19500 fut and 19330 spot. This amounts to 44800 for Bank Nifty.
2. India VIX is at 11.5 which is down 2.5 %.
INDEX HEAVY WEIGHTS
1.HDFC Bank is heading towards 1640 levels which is 20 SMA on daily chart. It has good support at 1655 levels. Any break of this level will give us 1640. It can be bullish only above 1670 levels. Any move to 1665 will be a selling opportunity.
2. ICICI Bank has good support at 945. Any break of 943 will be bearish for a tgt of 939 -935. Any pull back to 950 will be a selling opportunity. It can turn bullish only above 952 levels.
3. Reliance has made an inverted hammer pattern indicating bearishness. However this needs confirmation as a bearish reversal. It can turn bullish above 2655 and bearish below 2613. Any move in between will make nifty choppy. However reliance may give a trending move tomorrow.
Analysis
1. Indices have turned cautious to bearish for short term.
2. This is due to result season kicking in. Market may stay volatile on the days of result of heavy weights. IT may not come up with good result due to slow down in US and Europe. Bank May come up with good result.
3. On 12 Jul TCS and HCL Tech will be coming up with result.
4. For the next 2 days, market may remain side ways to bearish.
TRADING PLAN
1. Nifty open flat : Any rally to 19400 is a sell SL 19450. Tgt 19300.
2. Nifty Gap down : Wait for Nifty to break 19270 levels and then sell.SL 19350 levels. Tgt 19207. If nifty start consolidating @ 19270 -19300 levels, we can get a move upto 19350 levels. But Risk/reward may not be good.
3. Nifty gap open above 19400 : wait for Nifty to cross 19450. Tgt 19500.
4. Bank Nifty open Flat : Any rally to 45030 is a sell. Tgt 44830.
5. Bank Nifty gap down : If it gap down below 44800 wait for a pull back and see whether it defends 44800. If it reverses from 44800 and break the low of the day, go aggressively short for a tgt of 44700 - 44550 levels.
2. Bank Nifty open flat : Any rally to 45030 will be a sell for a tgt of 44800 and below.
3. Bank Nifty gap open above 45030: Wait for a move above 44150 decisively and then it is a buy with less conviction. stay light. If it cross 45320, then we can aggressively go long.
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.
Disclaimer
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