PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 03 AUG 2023.

Aug 2, 2023

03 AUG 2023
WORLD MARKETS
1. All the world markets are down with 1.5 -2% cuts.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 11 indicating volatility.
2. GIFT Nifty indicating 85 points downtick at 19510 fut 19441 spot. This amounts to 44730 for Bank Nifty.
INDEX HAEVY WEIGHTS
1. HDFC Bank has stong resistance at 1650 levels. Any break of 1635 will be bearish.
2. ICICI Bank has strong resistance at 990. Any break of 982 is bearish.
3. Reliance has resistance at 2500 and support can be seen at 2470. Any break of 2470 is bearish.
ANALYSIS
1. world markets are down 1.5 -2 % which is not a good sign.
2. Index heavy weight s are looking bearish to neutral.
3. iNDIA vix is up 9.5% indicating increase in fear index.
TRADING PLAN
1. NIFTY OPEN FLAT : Any move to 19600 is a sell.
2. NIFTY OPEN GAP UP: Any move above 19665 is bullish.
3.NIFTY OPEN GAP DOWN: Any move below 19440 is bearish.
4. BANK NIFTY OPEN FLAT : Any move to 45050 is a sell.
5. BANK NIFTY OPEN GAP UP: Any open above 45185 is bullish for a tgt of 45370.
6. BANK NIFTY OPEN GAP DOWN: Any move below 44700 is bearish for a tgt of 44600 and 44300 levels.
7. NOTE : Tomorrow is Nifty expiry so market may remain range bound or may also bounce back.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERIES.