PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 19 APR 2023

19 Apr 2023 2045 Hrs
TOMORROW IS EXPIRY . SO TRADE CAUTIOUSLY.
1. US markets are neutral to bearish. May not get goos support from US markets.
2. Europe and Asia is looking overstretched.
3. India VIX has slightly increased to 12.15. SGX Nifty is indicating 25 points uptick at 17679 which is flat.
4. HDFC Bank is moving in a very narrow range with a positive bias. It has bounced back from 1655. It has resistance at 1670. If it clears 1670, then we have a tgt of 1678. Any break below 1660 will be bearish with a tgt of 1651.
5. ICICI Bank has made a nice bottom at 887 level. It is looking bullish for a tgt of 895. Any break of 885 will be bearish with a tgt of 882 and 877.
6. Reliance is looking choppy. I am neutral to bearish on reliance.
Analysis
1. Nifty has support at 17575 which is 200 SMA . It bounced back from there. Any break of 17575 will be bearish with a tgt of 17520 and 17488.
2. Bank Nifty is neutral to bearish. Any break of 42032 will be a break of head and shoulder neck line. Also huge Put OI is at 42000. we can get a tgt of 41854 and 41684.
Trading plan.
1. I remain bearish on both nifty and bank nifty.
2. However i closely watch ICICI bank and HDFC Bank. If They both together break their support then we can aggressively go bearish below 42000. This is applicable to both Nifty and bank nifty as reliance is choppy and IT is as such bearish.
3. Any move of nifty to 17680 will be a selling opportunity.
4. I have no bullish view.
I AM NOT A SEBI REGISTERED TRADER. PLEASE CONSULT YOUR FINANCIAL ADVISOR FOR ANY TRADING AND INVESTMENT.