PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 26 OCT 2023
26 Oct 2023
WORLD MARKETS
1. World markets are looking bearish. This due to the escalating Isreal conflict.
2. Most of the Wolrd markets are trading with negative bias.
INDIA VIX AND GIFT NIFTY
1. India VIX has risen above 11 indicating increase in fear and volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. 1503 is a strong resistance. Bullish view can be taken only above 1515. HDFC Bank is still very bearish.
2. ICICI Bank 920 is a strong resistance. Bullish bets can be taken only above 928.
3. Relaince has strong resistance at 2290. Near resistance is 2260. Any move to 2290 can be sold.
ANALYSIS
1. World markets have been jittery and weak due to Isreal war. Near term outlook for all Indices is bearish.
2. Tomorrow is Nifty monthly expiry. So a pull back cannot be ruled out. But risk reward will be less in going long.
TRADING PLAN.
1.NIFTY OPEN BETWEEN 19050 - 19200 : Sell Any rally to 19200.
2. NIFTY OPEN ABOVE 19200 : Buy any break out above 19300.
3.NIFTY OPEN BELOW 19050: Sell any rally to 19100.
4.BANK NIFTY OPEN BETWEEN 43007 - 42650 : Sell any rally to 43007.
5.BANK NIFTY OPEN ABOVE 43007 : Buy Any break out above 43200.
6. BANK NIFTY OPEN BELOW 42650 : Sell Any rally to 42700 - 42800.
DISCLAIMER
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSLUT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY. THE AUTHOR OF THE ARTICLE HOLDS NO LIABILTY FOR ANY TRADE TAKEN BY THE READER.
WORLD MARKETS
1. World markets are looking bearish. This due to the escalating Isreal conflict.
2. Most of the Wolrd markets are trading with negative bias.
INDIA VIX AND GIFT NIFTY
1. India VIX has risen above 11 indicating increase in fear and volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. 1503 is a strong resistance. Bullish view can be taken only above 1515. HDFC Bank is still very bearish.
2. ICICI Bank 920 is a strong resistance. Bullish bets can be taken only above 928.
3. Relaince has strong resistance at 2290. Near resistance is 2260. Any move to 2290 can be sold.
ANALYSIS
1. World markets have been jittery and weak due to Isreal war. Near term outlook for all Indices is bearish.
2. Tomorrow is Nifty monthly expiry. So a pull back cannot be ruled out. But risk reward will be less in going long.
TRADING PLAN.
1.NIFTY OPEN BETWEEN 19050 - 19200 : Sell Any rally to 19200.
2. NIFTY OPEN ABOVE 19200 : Buy any break out above 19300.
3.NIFTY OPEN BELOW 19050: Sell any rally to 19100.
4.BANK NIFTY OPEN BETWEEN 43007 - 42650 : Sell any rally to 43007.
5.BANK NIFTY OPEN ABOVE 43007 : Buy Any break out above 43200.
6. BANK NIFTY OPEN BELOW 42650 : Sell Any rally to 42700 - 42800.
DISCLAIMER
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSLUT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY. THE AUTHOR OF THE ARTICLE HOLDS NO LIABILTY FOR ANY TRADE TAKEN BY THE READER.
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