NIFTY AND BANK NIFTY ANALYSIS FOR 17 AUG 2023
17 Aug 2023
WORLD MARKETS
1. US markets are consolidating witha bearish bias.
2. Asia and Europe are bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX has crossed 12.1 and indicating high volatility and bearishness.
2. GIFT Nifty is indicating a flat opening with a mild uptick of 16 points.
INDEX HEAVY WEIGHTS:
1.HDFC BAnk is still below 200 SMA. 1615 is a strong resistance. Any break of 1616 will be bullish for a tgt of 1621. Any break of 1598 will be bearish.
2. ICICI Bank has strong resistance at 960. Break of 963 will be bullish. any break of 950 will be bearish for a tgt of 943.
3. Reliance is bullish. Break of 2592 is bullish while break down of 2551 will be bearish. Any move inside this range will make Nifty range bound.
ANALYSIS
1. Market for the past 3 days is gapping down and not giving opportunity for day traders and directional traders.
2. Tomorrow is expiry. Nifty has defended 19400 while bank nifty is struggling to break 44050 levels.
3. Market are looking like sell on rally still.
TRADING PLAN:
1. NIFTY OPEN BETWEEN 19420 -19510 : Any rally to 19500 is a sell for a tgt of 19420.
2. NIFTY OPEN ABOVE 19510: Any retrcement to 19500 is a buy for a tgt of 19550.
3. NIFTY OPEN BELOW 19400: Any rally to 19420 will be a sell.
4. BANK NIFTY OPEN BETWEEN 43840 - 44055: Any rally to 44050 is a sell for a tgt of 44830.
5.BANK NIFTY OPEN ABOVE 44050: Any pullback to 44000 will be a buy for a tgt of 44167-. If 44167 is broken, we can see 44355 where there will be max risk reward.
6. BANK NIFTY OPEN BELOW 43800: Any rally to 43850 will be a sell for a tgt of 43540.
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. US markets are consolidating witha bearish bias.
2. Asia and Europe are bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX has crossed 12.1 and indicating high volatility and bearishness.
2. GIFT Nifty is indicating a flat opening with a mild uptick of 16 points.
INDEX HEAVY WEIGHTS:
1.HDFC BAnk is still below 200 SMA. 1615 is a strong resistance. Any break of 1616 will be bullish for a tgt of 1621. Any break of 1598 will be bearish.
2. ICICI Bank has strong resistance at 960. Break of 963 will be bullish. any break of 950 will be bearish for a tgt of 943.
3. Reliance is bullish. Break of 2592 is bullish while break down of 2551 will be bearish. Any move inside this range will make Nifty range bound.
ANALYSIS
1. Market for the past 3 days is gapping down and not giving opportunity for day traders and directional traders.
2. Tomorrow is expiry. Nifty has defended 19400 while bank nifty is struggling to break 44050 levels.
3. Market are looking like sell on rally still.
TRADING PLAN:
1. NIFTY OPEN BETWEEN 19420 -19510 : Any rally to 19500 is a sell for a tgt of 19420.
2. NIFTY OPEN ABOVE 19510: Any retrcement to 19500 is a buy for a tgt of 19550.
3. NIFTY OPEN BELOW 19400: Any rally to 19420 will be a sell.
4. BANK NIFTY OPEN BETWEEN 43840 - 44055: Any rally to 44050 is a sell for a tgt of 44830.
5.BANK NIFTY OPEN ABOVE 44050: Any pullback to 44000 will be a buy for a tgt of 44167-. If 44167 is broken, we can see 44355 where there will be max risk reward.
6. BANK NIFTY OPEN BELOW 43800: Any rally to 43850 will be a sell for a tgt of 43540.
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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