PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 14 JUL 2023

13 lug 2023

14 Jul 2023
WORLD MARKETS
1. world markets are bullish with an uptick of 1% - 2.5% rally.
INDIA VIX AND GIFT NIFTY
1. Gift Nifty is indicating 80 points uptick at 19575 fut and 19420 spot. This amounts to 44900 for bank nifty.
2. India VIX is below 11 indicating bullishness.
INDEX HEAVY WEIGHTS
1. HDFC Bank is mildly bullish. Resistance is at 1651. Support can be seen at 1640. Any break of 1637 will be bearish for a tgt of 1629.
2. ICICI Bank is bullish. It has strong support at 951. Any dip to 951 is a buying opportunity.
3. Reliance is over bought but bullish.
ANALYSIS
1. Nifty is consolidating and has support at 19350 levels. The nifty came under profit booking. Nifty is still bullish.
2. Bank nifty has support of ICICI Bank but rest of the index components closed in negative. Bank nifty looks bearish.
TRADING PLAN
1. NIFTY OPEN GAP UP : Any gap up above 19465 will be bullish for a tgt of 19500 and above.
2. NIFTY OPEN FLAT : Any move to 19460 is a sell for a tgt of 19350.
3. NIFTY GAP DOWN : Any consolidation at 19360 is a buy for a tgt of 19400.
4. BANK NIFTY GAP UP : Any open above 44800 and consolidation will be a buy for a tgt of 44920 and above. Any weakness at 44900 and drop below 44800 is a sell for a tgt of 44550.
2. BANK NIFTY OPEN FLAT: Any move to 44800 is a sell.
3. BANK NIFTY OPEN GAP DOWN: Any gap down to 44550 and weakness is a sell for a tgt of 44400 - 44200.
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.