PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 30 AUG 2023
30 Aug 2023
WORLD MARKETS
1. World Markets are consolidating with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 12 indicating high volatility.
2. GIFT Nifty is showing 50 points uptick at 19400 levels. This amounts to 44
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a bullish bias. It has made a H&S Shoulder pattern. The neck line is at 1595. Any break of 1595 is a break out for a tgt of 1601.
2. ICICI Bank is consolidating in a range of 979 - 959 level. If it break 980 it will be very bullish. 966 is a good support. Any break of 971 is bullish.
3. Reliance is oversold. we may see a pullback. Any break of 2435 is bullish for a tgt of 2455.
ANALYSIS
1. Indices are consolidating with a bullish bias.
2. Monthly expiry on 31 Aug will be very volatile with high whipsaw.
3. Volatility is above 12.
4. Index management is done through Index heavy weights, while HDFC Bank move up, simultaneously ICICI Bank and Reliance move down thus balancing the index.
5. Index may expire at 19400 and 44500 repectively.
TRADING PLAN
NIFTY OPEN BETWEEN 19361-19323 : Any break of 19380 is bullish. Any break of 19300 is bearish.
NIFTY OPEN ABOVE 19380 : Any dip to 19360 is a buy. Wait for a move above 19380 before buying.
NIFTY OPEN BELOW 19320 ; Wait for a break down of 19300 for bearish bet.
4.BANK NIFTY OPEN BETWEEN 44565 -44425: No trade till 44625 is broken or 44350 is broken down.
5. BANK NIFTY OPEN ABOVE 44565 : wait for a break out of 44625 for a tgt of 44750 and above.
6. BANK NIFTY OPEN BELOW 44400: Any break down of 44350 is bearish.
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 consolidating with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 12 indicating high volatility.
2. GIFT Nifty is showing 50 points uptick at 19400 levels. This amounts to 44
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a bullish bias. It has made a H&S Shoulder pattern. The neck line is at 1595. Any break of 1595 is a break out for a tgt of 1601.
2. ICICI Bank is consolidating in a range of 979 - 959 level. If it break 980 it will be very bullish. 966 is a good support. Any break of 971 is bullish.
3. Reliance is oversold. we may see a pullback. Any break of 2435 is bullish for a tgt of 2455.
ANALYSIS
1. Indices are consolidating with a bullish bias.
2. Monthly expiry on 31 Aug will be very volatile with high whipsaw.
3. Volatility is above 12.
4. Index management is done through Index heavy weights, while HDFC Bank move up, simultaneously ICICI Bank and Reliance move down thus balancing the index.
5. Index may expire at 19400 and 44500 repectively.
TRADING PLAN
NIFTY OPEN BETWEEN 19361-19323 : Any break of 19380 is bullish. Any break of 19300 is bearish.
NIFTY OPEN ABOVE 19380 : Any dip to 19360 is a buy. Wait for a move above 19380 before buying.
NIFTY OPEN BELOW 19320 ; Wait for a break down of 19300 for bearish bet.
4.BANK NIFTY OPEN BETWEEN 44565 -44425: No trade till 44625 is broken or 44350 is broken down.
5. BANK NIFTY OPEN ABOVE 44565 : wait for a break out of 44625 for a tgt of 44750 and above.
6. BANK NIFTY OPEN BELOW 44400: Any break down of 44350 is bearish.
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
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