Nifty Bank Indexלונג
PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 18 OCT 2023
18 Oct 2023
WORLD MARKETS
1. US has become choppy with a bullish bias.
2. Asia and Europe is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 and GIFT Nifty is indicating flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bullish. It can turn bullish above 1552 decisively.1532 is a strong sp. It may remain range bound tomorrow. Any move below 1529 is bearish.
2. ICICI Bank has strong sp at 952. It can turn bullish above 960.
3. Relaince will be bullish above 2361. Any move below 2345 is bearish.
ANALYSIS
1. Gap down and Gap up has become a norm.
2. Daily expiry on Mon, Tue, wed and Thu has resulted in gap up and gap dn with a rangebound move the whole day.
3. This will be a difficult market for intraday traders. This may have been done to minimise speculative trading. Patience is the key to trade this market. It is better to avoid trading if markets gap open 200 - 300 points in Nifty and 100 points in bank nifty.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19832 -19790: Any dip to 19790 is a buy.
2. NIFTY OPEN ABOVE 19832: Wait for a break out above 19850
3.NIFTY OPEN BELOW 19790 : Any move above 19800 is a buy. Any breakdown below 19730 is a sell.
4. BANK NIFTY OPEN BETWEEN 44482 - 44344: Buy any dip to 44350.
5.BANK NIFTY OPEN ABOVE 44482: Wait for a break out above 44575.
6. BANK NIFTY OPEN BELOW 44344: Wait for a break below 44270 levels.
DISCLAIMER.
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR EGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY. THE AUTHOR OF THIS ARTICLE HOLD NO LIABLITY FOR ANY TRADE TAKEN BY THE READER.
WORLD MARKETS
1. US has become choppy with a bullish bias.
2. Asia and Europe is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 and GIFT Nifty is indicating flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bullish. It can turn bullish above 1552 decisively.1532 is a strong sp. It may remain range bound tomorrow. Any move below 1529 is bearish.
2. ICICI Bank has strong sp at 952. It can turn bullish above 960.
3. Relaince will be bullish above 2361. Any move below 2345 is bearish.
ANALYSIS
1. Gap down and Gap up has become a norm.
2. Daily expiry on Mon, Tue, wed and Thu has resulted in gap up and gap dn with a rangebound move the whole day.
3. This will be a difficult market for intraday traders. This may have been done to minimise speculative trading. Patience is the key to trade this market. It is better to avoid trading if markets gap open 200 - 300 points in Nifty and 100 points in bank nifty.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19832 -19790: Any dip to 19790 is a buy.
2. NIFTY OPEN ABOVE 19832: Wait for a break out above 19850
3.NIFTY OPEN BELOW 19790 : Any move above 19800 is a buy. Any breakdown below 19730 is a sell.
4. BANK NIFTY OPEN BETWEEN 44482 - 44344: Buy any dip to 44350.
5.BANK NIFTY OPEN ABOVE 44482: Wait for a break out above 44575.
6. BANK NIFTY OPEN BELOW 44344: Wait for a break below 44270 levels.
DISCLAIMER.
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR EGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY. THE AUTHOR OF THIS ARTICLE HOLD NO LIABLITY FOR ANY TRADE TAKEN BY THE READER.
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