PRE MARKET ANALYSISFOR NIFTY AND BANK NIFTY FOR TOMORROW
20 Oct 2023
WORLD MARKETS
1. world Markets are looking bearish.
2. US and Europe are looking bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11, but the market is still volatile.
2. GIFT Nifty is indicating 20 points down tick at 19600 as of now. This amounts to 60 points down tick at 43700.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still moving in a range of 1526 - 1500. Any break of these levels wil be trending.
2. ICICI bank is at crucial sp level of 934. Any break of 934 will be bearish with a tgt of 924. 938 remains a stong resistance.
3. Reliance is again at the crucial sp level of 2300 Any break of this will be bearish for a tgt of 2294 and below.
ANALYSIS
1. Indices have been very volatile even with VIX below 11. Most of the index heavy weights are at crucial sp levels. Indices look very weak. But a short covering rally cannot be ruled out.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19580 - 19670. : Sell any rally to 19700.
2.NIFTY OPEN ABOVE 19670 : Wait for a break out above 19700. Any weakness at 19700 and break below 19670 is a sell. Look for bearish reversal candle setup.
3.NIFTY OPEN BELOW 19580: Sell Any rally to 19600.
4.BANK NIFTY OPEN BETWEEN 43900 AND 43600 : Sell any rally to 44000.
5. BANK NIFTY OPEN ABOVE 43900 : Wait for a break out above 44050.
6.BANK NIFTY OPEN BELOW 43600 : Wait for a break down below 44500 decisively. Any rally to 43700 can be sold into.
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 THE ARTICLE HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.
WORLD MARKETS
1. world Markets are looking bearish.
2. US and Europe are looking bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11, but the market is still volatile.
2. GIFT Nifty is indicating 20 points down tick at 19600 as of now. This amounts to 60 points down tick at 43700.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still moving in a range of 1526 - 1500. Any break of these levels wil be trending.
2. ICICI bank is at crucial sp level of 934. Any break of 934 will be bearish with a tgt of 924. 938 remains a stong resistance.
3. Reliance is again at the crucial sp level of 2300 Any break of this will be bearish for a tgt of 2294 and below.
ANALYSIS
1. Indices have been very volatile even with VIX below 11. Most of the index heavy weights are at crucial sp levels. Indices look very weak. But a short covering rally cannot be ruled out.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19580 - 19670. : Sell any rally to 19700.
2.NIFTY OPEN ABOVE 19670 : Wait for a break out above 19700. Any weakness at 19700 and break below 19670 is a sell. Look for bearish reversal candle setup.
3.NIFTY OPEN BELOW 19580: Sell Any rally to 19600.
4.BANK NIFTY OPEN BETWEEN 43900 AND 43600 : Sell any rally to 44000.
5. BANK NIFTY OPEN ABOVE 43900 : Wait for a break out above 44050.
6.BANK NIFTY OPEN BELOW 43600 : Wait for a break down below 44500 decisively. Any rally to 43700 can be sold into.
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 THE ARTICLE HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.
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