PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 04 SEP 2023

3 set 2023

04 Sep 2023
WORLD MARKETS
1. S&P and NASDAQ is looking bullish. While DJI is neutral to bearish.
2. Europe and Asia are mixed with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 11.3 indicating reduction in volatility. We may see a pull back of nifty to 19700 levels and Bank nifty to 45200 levels.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidatinng. 1585 is a strong resistance. 1560 is a good support. It can turn bearish only below 1554. It is short term bullish.
2. ICICI Bank is trading in a range between 960 - 980. Break of 975 is bullish for a tgt of 990. 948. - 950 is a good support area. Any break of 948 will be bearish.
3. Reliance is still bearish. 2400 is a strong support.Any break of 2400 will be bearish. Any break of 2425 will be bullish.
ANALYSIS
1. World markets are consolidating with bullish bias. Index heavy weights have pulled back and looking bullish.
2. Reduction in VIX may indicate short term bullish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19490-19379: Any dip to 19350 is a buy. Wait for a pullback above 19380.
2. NIFTY OPEN BELOW 19380 :Wait for a breakout above 19385 for long position. Wait for a break down of 19310 for a short.
NIFTY OPEN ABOVE 19490: Wait for a pull back to 19430 - 19400 for a buy.
4.BANK NIFTY OPEN BETWEEN 44230 - 44639: Any dip to 44230 is a buy. Any decisive break out of 44500 is a buy.
5. BANK NIFTY OPEN BELOW 44230: Wait for a break down of 44000 for short. However if it consolidate @ 44000 and break above 44200, then it is a buy.
6. BANK NIFTY OPEN ABOVE 44650 : wait for a pull back to 44500 and buy.
I AM NOT A SEBI REGISTERED TRADER. THIS INFO IS FOR EDUCATIONL PURPOSE ONLY. PLEASE CONSULT YOUR RGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERIES