PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 04 AUG 202304 Aug 2023
WORLD MARKETS
1. World markets are looking bearish an dtrading in red.
INDIA VIX AND GIFTT NIFTY
1. India VIX is above 11 indicating high volatility and fear.
2. GIFT nifty is flat as of 2000 Hrs.
INDEX HEAVY WEIGHTS
1. HDFC Bank has resisitance at 1640. Any break of 1640 will take us to 1643. Strong support can be seen at 1620.
2. ICICI Bank is bearish. 971 is a strong resistance. Support can be seen at 958.
3. Reliance has strong resistance at 2488.Break of 2460 is very bearish.
ANALYSIS
1. World markets are looking bearish.
2. India VIX is above 11 indicating fear.
3. Index heavy weights are also looking bearish indicating more downside in indices.
TRADING PLAN
1.NIFTY OPEN FLAT: Any rally to 19450 is a sell . However if nifty settle between 19350 - 19400, then no trade.
2.NIFTY OPEN GAP UP: Any gap up to 19450 and weakening is a sell for a tgt of 19350 - 19300.
3. NIFTY OPEN GAP DOWN: Any gap down below 19300 is bearish for a tgt of 19245.
4. BANK NIFTY OPEN FLAT: Any rally to 44750 and weakening below 44700 is a sell for a tgt of 44300.
5. BANK NIFTY GAP UP: Any gap up above 44900 is bullish.
6. BANK NIFTY GAP DOWN: Any gap down to 44300 and break below 44050 is a sell for a tgt of 43765.
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.