PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 23 AUG 2023

Aug 22, 2023

23 Aug 2023
WORLD MARKETS
1. world Markets are consolidating with a bearish bias.
INDIA VIX AND GIFT NIFTY
1. GIFT Nifty is indicating 50 points down tick as of now at 19330. This amounts to 43800 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bearish. 1587 is a strong resistance. Any move above 1592 will be bullish. Any rally to 1587 -1590 is a sell. Any move below 1579 will be bearish.
2. ICICI Bank has strong resistance at 959. Any move to 955 is a sell. Any move above 960 is bullish.
3. Reliance has turned bearish. Any move above 2541 is bullish. Any move below 2520 is bearish.
ANALYSIS
1. Indices are consolidating for the past four days moving in a range .
2. Index heavy weights are looking bearish.
3. However indices are at the verge of the breakout. It may happen tomorrow or day after.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19411 - 19378 : Any break of 19411 is bullish. Any break below 19350 will be bearish.
2. NIFTY OPEN ABOVE 19411: Any dip to 19400 is a buy. Also it should break 19431 decisively. Tgt of 19460 - 19500.
3. NIFTY OPEN BELOW 19370 : Any rally to 19380 is a sell. Also it should break 19360 decisively. Tgt of 19334 - 19300.
4. BANK NIFTY OPEN BETWEEN 44050-43930: Any break of 44115 is a buy. Any break of 43870 is a sell.
5.BANK NIFTY OPEN ABOVE 44050: Any break of 44115 is a buy.
6. BANK NIFTY OPEN BELOW 43930: Any break of 43850 is a sell for a tgt of 43750.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGIATERED FINANCIAL ADVIOSR FOR ANY TRADE RELATED QUERY.