PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 02 AUG 2023
02 AUG 2023
WORLD MARKETS
1. US is consolidating with a bearish bias.
2. Europe is choppy with a bullish bias.
3. Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 10.2 indicating less volatility. Hence option premium may not move much.
2. GIFT Nifty is down 32 points at 19800 fut and 19700 spot. This amounts 100 points dn for bank nifty at 45500 levels.
INDEX HEAVY HEAVY WEIGHTS
1. HDFC Bank has strong resistance at 1670. Bullish bets can be taken beyond 1670. Any move below 1655 will be bearish.
2. ICICI Bank is range bound between 990 -1005. any move beyond this range will be a breakout/breakdown.
3. Reliance again gave up all the gains of past two days. 2500 is a strong support. Resistance will be at 2540 which was support yesterday. Break of these levels will be a breakout/breakdown.
ANALYSIS
1. Nifty has retraced 61.8% from the recent fall placed at 19750. If it can break 19800, then the uptrend can resume.
2. Bank Nifty on the other hand has retraced 50% of recent fall placed at 45750 levels. Now it is facing resistance at at 38.2% retracement at 45650 levels.
TRADING PLAN.
1. NIFTY OPEN FLAT: Any move to 19700 is a buying opportunity.
2.NIFTY OPEN GAP UP: Any gap up above 19785 and move beyond 19800 will be bullish for a tgt of 19900.
3.NIFTY OPEN GAP DOWN: Any move below 19700 will be bearish.
4. BANK NIFTY OPEN FLAT: No trade.
5. BANK NIFTY OPEN GAP UP: Any gap up above 45770 and breakout of 45800 is bullish.
6.BANK NIFTY OPEN GAP DOWN: Any gap down below 45500 and break of 45450 will be bearish for a tgt of 45200.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR EGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY.
WORLD MARKETS
1. US is consolidating with a bearish bias.
2. Europe is choppy with a bullish bias.
3. Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 10.2 indicating less volatility. Hence option premium may not move much.
2. GIFT Nifty is down 32 points at 19800 fut and 19700 spot. This amounts 100 points dn for bank nifty at 45500 levels.
INDEX HEAVY HEAVY WEIGHTS
1. HDFC Bank has strong resistance at 1670. Bullish bets can be taken beyond 1670. Any move below 1655 will be bearish.
2. ICICI Bank is range bound between 990 -1005. any move beyond this range will be a breakout/breakdown.
3. Reliance again gave up all the gains of past two days. 2500 is a strong support. Resistance will be at 2540 which was support yesterday. Break of these levels will be a breakout/breakdown.
ANALYSIS
1. Nifty has retraced 61.8% from the recent fall placed at 19750. If it can break 19800, then the uptrend can resume.
2. Bank Nifty on the other hand has retraced 50% of recent fall placed at 45750 levels. Now it is facing resistance at at 38.2% retracement at 45650 levels.
TRADING PLAN.
1. NIFTY OPEN FLAT: Any move to 19700 is a buying opportunity.
2.NIFTY OPEN GAP UP: Any gap up above 19785 and move beyond 19800 will be bullish for a tgt of 19900.
3.NIFTY OPEN GAP DOWN: Any move below 19700 will be bearish.
4. BANK NIFTY OPEN FLAT: No trade.
5. BANK NIFTY OPEN GAP UP: Any gap up above 45770 and breakout of 45800 is bullish.
6.BANK NIFTY OPEN GAP DOWN: Any gap down below 45500 and break of 45450 will be bearish for a tgt of 45200.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR EGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY.
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