PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY.
20 Apr 2023
1. US , Europe are choppy with a negative bias.
2. Asia is neutral with a positive bias.
3. India VIX is at 11.9 which has come down. SGX Nifty is indicating a flat opening at 17677. So Bank nifty is also flat at 42263.
4. HDFC Bank is looking bullish after closing above 1671. It has made a base for the past four days. It has support at 1665. it has resistance at 1680 and 1685.
5. ICICI Bank is consolidating. It is declaring result on 22 apr. So it may remain choppy. It has support at 888 and resistance at 900.
6. Reliance is coming up with result tomorrow. So it will remain choppy.
7. HCL tech has come up with good result, so IT stocks are bouncing back.
Analysis
1. Nifty has support at 17575 and resistance at 17627. Break on downside will give 17530 and 17476. On upside we may get 17780.
2. Bank Nifty is above crucial 42220 level. 42100 is a good support and 42000 is a psychological level. Any break of 42100 will be bearish. Bullish bet can be taken above 42400.
Trading Plan.
1. HDFC Bank is bullish. ICICI Bank can trade between 900 - 880 levels. Reliance will be choppy till results are declared. IT is bullish.
2. I remain neutral to bullish on both nifty and bank nifty.
3. I will remain bearish only when 42100 is broken and retest of 42100 fails.
4. On Nifty i will be bearish only below 17550. Bullish bets can be taken above 17630 levels.
I AM NOT A SEBI REGISTERED TRADER. PLEASE CONSULT YOUR FINANCIAL ADVISOR FOR ANY FINANCE RELATED QUERIES.
1. US , Europe are choppy with a negative bias.
2. Asia is neutral with a positive bias.
3. India VIX is at 11.9 which has come down. SGX Nifty is indicating a flat opening at 17677. So Bank nifty is also flat at 42263.
4. HDFC Bank is looking bullish after closing above 1671. It has made a base for the past four days. It has support at 1665. it has resistance at 1680 and 1685.
5. ICICI Bank is consolidating. It is declaring result on 22 apr. So it may remain choppy. It has support at 888 and resistance at 900.
6. Reliance is coming up with result tomorrow. So it will remain choppy.
7. HCL tech has come up with good result, so IT stocks are bouncing back.
Analysis
1. Nifty has support at 17575 and resistance at 17627. Break on downside will give 17530 and 17476. On upside we may get 17780.
2. Bank Nifty is above crucial 42220 level. 42100 is a good support and 42000 is a psychological level. Any break of 42100 will be bearish. Bullish bet can be taken above 42400.
Trading Plan.
1. HDFC Bank is bullish. ICICI Bank can trade between 900 - 880 levels. Reliance will be choppy till results are declared. IT is bullish.
2. I remain neutral to bullish on both nifty and bank nifty.
3. I will remain bearish only when 42100 is broken and retest of 42100 fails.
4. On Nifty i will be bearish only below 17550. Bullish bets can be taken above 17630 levels.
I AM NOT A SEBI REGISTERED TRADER. PLEASE CONSULT YOUR FINANCIAL ADVISOR FOR ANY FINANCE RELATED QUERIES.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.