Nifty Bank IndexShort
PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 25 OCT 2023
25 Oct 2023
WORLD MARKETS
1. All the world markets have rebounded with a positive closing.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 in spite of a 260 points down tick in nifty. GIFT Nifty is indicating 47 points uptick at 19330. This amounts to 43300 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has closed below the crucial sp level at 1508. 1520 is a strong resistance. Any open below 1506 is bearish.
2. ICICI bank is at its crucial sp level at 917. Any close below 915 is bearish. 935 is a strong resistance.
3. Reliance is trading below the strong resistance of 2275. Any open above 2275 is bullish. Any trade below 2248 is bearish.
ANALYSIS
1. Indices took a knock on monday in spite of FII and DII being net buyers.
2. World markets have recovered as of now.
3. All index heavy weights are trading below crucial resistance levels.
4. 19200 is the last swing low. Any decisive break of this will be very bearish. Similarly Nifty bank is trading at its 200 SMA of 43200 levels.
4. We need to see whether indices break it decisively or there will be a short covering or indices spend some time here.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19360 - 19211.: Sell any rally to 19360 levels.
2.NIFTY OPEN ABOVE 19360 : Buy above 19445.
3. NIFTY OPEN BELOW 19200. Sell any rally to 19250. If nifty break below 19120, sell aggresively.
4. BANK NIFTY OPEN BETWEEN 43370 - 42930 : Sell Any rally to 43370.
5. BANK NIFTY OPEN ABOVE 43370: Wait for a break above 43900. Any weakness at 43700 can be sold into.
6. BANK NIFTY OPEN BELOW 42920 : Sell any rally to 43000.
DISCLAIMER
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. THE AUTHOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.
WORLD MARKETS
1. All the world markets have rebounded with a positive closing.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 in spite of a 260 points down tick in nifty. GIFT Nifty is indicating 47 points uptick at 19330. This amounts to 43300 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has closed below the crucial sp level at 1508. 1520 is a strong resistance. Any open below 1506 is bearish.
2. ICICI bank is at its crucial sp level at 917. Any close below 915 is bearish. 935 is a strong resistance.
3. Reliance is trading below the strong resistance of 2275. Any open above 2275 is bullish. Any trade below 2248 is bearish.
ANALYSIS
1. Indices took a knock on monday in spite of FII and DII being net buyers.
2. World markets have recovered as of now.
3. All index heavy weights are trading below crucial resistance levels.
4. 19200 is the last swing low. Any decisive break of this will be very bearish. Similarly Nifty bank is trading at its 200 SMA of 43200 levels.
4. We need to see whether indices break it decisively or there will be a short covering or indices spend some time here.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19360 - 19211.: Sell any rally to 19360 levels.
2.NIFTY OPEN ABOVE 19360 : Buy above 19445.
3. NIFTY OPEN BELOW 19200. Sell any rally to 19250. If nifty break below 19120, sell aggresively.
4. BANK NIFTY OPEN BETWEEN 43370 - 42930 : Sell Any rally to 43370.
5. BANK NIFTY OPEN ABOVE 43370: Wait for a break above 43900. Any weakness at 43700 can be sold into.
6. BANK NIFTY OPEN BELOW 42920 : Sell any rally to 43000.
DISCLAIMER
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. THE AUTHOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.
Disclaimer
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