PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 10 AUG 2023
10 Aug 2023
WORLD MARKETS
1. US is looking bearish. While Asia and Europe is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is still above 11 indicating volatility. GIFT Nifty is just 11 points down at 19632.
INDEX HEAVY WEIGHTS.
1. HDFC Bank after the fall, recovered smartly and has made a hammer pattern. It has strong support at 1642 level and break of it will be bearish. resistance can be seen at 1657 levels. Break of this will be bullish.
2. ICICI Bank also made a smart recovery and has made a hammer pattern. It is bullish above 980 and bearish below 967. Any rally to 975 and weakening will be a sell.
3. Reliance is bullish and is supporting nifty. Move above 2536 is bullish whereas move below 2500 is bearish.
ANALYSIS
1. Tomorrorw is RBI MPC meeting and nifty expiry. Market may remain volatile till the event is over.
2. Indices are looking bullish for tomorrow. If RBI maintain status quo, then we may see a mildly bullish scenario. However the commentary will be more important.
TRADING PLAN
1.NIFTY OPEN FLAT : Any dip to 19600 - 19560 will be a buying opportunity.
2. NIFTY OPEN GAP UP: Any move to 19680 and weakening after RBI policy will be a sell for a tgt of 19500. Any break of 19680 will be bullish for a tgt of 19750.
3. NIFTY OPEN GAP DOWN: Any gap down below 19580 and recovery will be a buy for a tgt of 19630.
4. BANK NIFTY OPEN FLAT: Any move to 45000 will be a sell for a tgt of 45800.
5.BANK NIFTY OPEN GAP UP: Any open above 45000 and break of 45125 is a buy for a tgt of 45324.
6. BANK NIFTY OPEN GAP DODWN: Any gap down below 44750 is a sell for a tgt of 44500.
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.
WORLD MARKETS
1. US is looking bearish. While Asia and Europe is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is still above 11 indicating volatility. GIFT Nifty is just 11 points down at 19632.
INDEX HEAVY WEIGHTS.
1. HDFC Bank after the fall, recovered smartly and has made a hammer pattern. It has strong support at 1642 level and break of it will be bearish. resistance can be seen at 1657 levels. Break of this will be bullish.
2. ICICI Bank also made a smart recovery and has made a hammer pattern. It is bullish above 980 and bearish below 967. Any rally to 975 and weakening will be a sell.
3. Reliance is bullish and is supporting nifty. Move above 2536 is bullish whereas move below 2500 is bearish.
ANALYSIS
1. Tomorrorw is RBI MPC meeting and nifty expiry. Market may remain volatile till the event is over.
2. Indices are looking bullish for tomorrow. If RBI maintain status quo, then we may see a mildly bullish scenario. However the commentary will be more important.
TRADING PLAN
1.NIFTY OPEN FLAT : Any dip to 19600 - 19560 will be a buying opportunity.
2. NIFTY OPEN GAP UP: Any move to 19680 and weakening after RBI policy will be a sell for a tgt of 19500. Any break of 19680 will be bullish for a tgt of 19750.
3. NIFTY OPEN GAP DOWN: Any gap down below 19580 and recovery will be a buy for a tgt of 19630.
4. BANK NIFTY OPEN FLAT: Any move to 45000 will be a sell for a tgt of 45800.
5.BANK NIFTY OPEN GAP UP: Any open above 45000 and break of 45125 is a buy for a tgt of 45324.
6. BANK NIFTY OPEN GAP DODWN: Any gap down below 44750 is a sell for a tgt of 44500.
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.
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