PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 29 AUG 2023

Aug 28, 2023

29 aug 2023
WORLD MARKET
1. US and Europe are pulling back.
2. Asia is a also looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 12.3 indicating increased volatility.
2. GIFT Nifty is indicating 57 points uptick at 19360. This amounts to 44620 levels on Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has made a bullish engulfing pattern. RSI is looking oversold.1580 is a strong resistance. Once 1580 is broken, next tgt is 1592 -1598. Any dip to 1575 is a buy.
2. ICICI Bank is consolidating with a bullish bias. 979 is a strong resistance. Any break of it will be bullish. Any open above 1575 is a buy.
3. Reliance is looking bearish. 2472 is a strong resistance. Bullish bet can be taken above this level. Any open below 2458 is a sell on rally.
ANALYSIS
1. world markets are looking bullish.
2. Index heavy weights are looking bullish except reliance.
3. Bank Nifty will be more bullish than Nifty.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19340 - 19275: Any rally to 19350 is a sell. However if it sustain above 19350 and break 19370, it is a buy.
2. NIFTY OPEN ABOVE 19340: Any break of 19371 is a buy. Also if it spend some time above 19350, then all dips to 19340 is a buy.
3. NIFTY OPEN BELOW 19270 : Any rally to 19300 is a sell.
4. BANK NIFTY OPEN BETWEEN 44380 -44605 : Any dip to 44400 is a buy. Tgt 44600.
5. BANK NIFTY OPEN ABOVE 44600 : Any dip to 44550 is a buy. Tgt 44890.
6. BANK NIFTY OPEN BELOW 44380: Any rally to 44430 and drop below 44380 is a sell.
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.