PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 22 SEP 2023
22 Sep 2023
WORLD MARKETS
1. US and Europe are trading with a bearish bias.
2. Asia is bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 indicating lower volatility.
2. GIFT nifty is indicating 68 points down tick at 19680 levels. This amounts to 44400 levels for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank still look bearish, but a pullback may be expected. It is taking sp at 1520 - 1535. 1565 is a strong resistance. Bullish bets can be taken only above 1570. Bearish bets can be taken only below 1520 levels.
2. ICICI Bank has turned bearish. 970 is a strong resistance. Bulish bets can be taken only above 975. 950 is a good sp. Any break of 950 is bearish.
3. Reliance is bearish. 2400 is a strong resistance. 2360 is a strong support. Any break of 2355 is a sell.
ANALYSIS
1. Index heavy weights are looking bearish.
2. Asia has turned bearish. Nifty has good support at 19400. The last swing low was at 19200. The swing low for bank nifty is at 44000.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19780 - 19700 : Any rally to 19800 - 19820 and fall below 19780 is a sell. 19700 is the tgt.
2. NIFTY OPEN ABOVE 19780 : Any decisive move above 19820 is a buy for a tgt of 19900.
3. NIFTY OPEN BELOW 19700: Any rally to 19720 and fall below 19700 is a sell.
4.BANK NIFTY OPEN BETWEEN 44813 - 44437 : Any rally to 44800 is a sell. Any consolidation between 44450 -44400 is a buy for a tgt of 44800.
5.BANK NIFTY OPEN ABOVE 44800 : Any decisive move above 46000 is bullish. However any pull back from 46000 and fall below 44900 is a sell.
6.BANK NIFTY OPEN BELOW 44435 : Any rally to 44500 is a sell.
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. THE AUTHOR HAS NO LAIBILTY FOR ANY TRADES TAKEN BY THE READER.
WORLD MARKETS
1. US and Europe are trading with a bearish bias.
2. Asia is bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 indicating lower volatility.
2. GIFT nifty is indicating 68 points down tick at 19680 levels. This amounts to 44400 levels for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank still look bearish, but a pullback may be expected. It is taking sp at 1520 - 1535. 1565 is a strong resistance. Bullish bets can be taken only above 1570. Bearish bets can be taken only below 1520 levels.
2. ICICI Bank has turned bearish. 970 is a strong resistance. Bulish bets can be taken only above 975. 950 is a good sp. Any break of 950 is bearish.
3. Reliance is bearish. 2400 is a strong resistance. 2360 is a strong support. Any break of 2355 is a sell.
ANALYSIS
1. Index heavy weights are looking bearish.
2. Asia has turned bearish. Nifty has good support at 19400. The last swing low was at 19200. The swing low for bank nifty is at 44000.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19780 - 19700 : Any rally to 19800 - 19820 and fall below 19780 is a sell. 19700 is the tgt.
2. NIFTY OPEN ABOVE 19780 : Any decisive move above 19820 is a buy for a tgt of 19900.
3. NIFTY OPEN BELOW 19700: Any rally to 19720 and fall below 19700 is a sell.
4.BANK NIFTY OPEN BETWEEN 44813 - 44437 : Any rally to 44800 is a sell. Any consolidation between 44450 -44400 is a buy for a tgt of 44800.
5.BANK NIFTY OPEN ABOVE 44800 : Any decisive move above 46000 is bullish. However any pull back from 46000 and fall below 44900 is a sell.
6.BANK NIFTY OPEN BELOW 44435 : Any rally to 44500 is a sell.
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. THE AUTHOR HAS NO LAIBILTY FOR ANY TRADES TAKEN BY THE READER.
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