PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 05 SEP 2023

2023年9月4日

05 Sep 2023
WORLD MARKETS
1. S&P and NASDAQ are trading with a bullish bias, while DJI is neutral.
2. Asia and Europe is mixed with Europe trading in a range and Asia neutral to bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 indicating less fear and volatility.
2. GIFT Nifty is indicating 15 points down tick at at 19500 levels. This amounts to 44500 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bullish. 1585 is still a strong resistance. Any break of it will be bullish for a tgt of 1593 levels. Anybreak of 1578 is bearish.
2. ICICI bank has strong resistance at 970. 960 is a strong support. Any break of 970 will be very bullish for a tgt of 975.
3. Reliance is taking sp at 2400 for the past 3 days. Any break of 2400 is bearish for a tgt of 2350. Bullish bets can be taken above 2460 levels.
ANALYSIS
1. India VIX is below 11 indicating less fear and volatility.
2. World markets are trading neutral to bullish.
3. Index heavy weight HDFC bank and ICICI bank is bullish while Reliance and ITC is bearish
TRADING PLAN
1. NIFTY OPEN BETWEEN 19560 - 19500 : Any dip to 19500 is a buy. Any break of 19460 is bearish.
2. NIFTY OPEN ABOVE 19560: Wait for consolidation between 19560 - 19530 and a break out. Tgt 19650.
3.NIFTY OPEN BELOW 19500: Any break of 19460 is bearish for a tgt of 19400.
4.BANK NIFTY OPEN BETWEEN 44670 - 44480: Any dip to 44500 is a buy provided it consolidate at 44500.
5. BANK NIFTY OPEN ABOVE 44670: Any dip to 44600 is a buy. Tgt 44925.
6.BANK NIFTY OPEN BELOW 44480: Any rally 44500 and break below 44480 is a sell for a tgt of 44220.
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 ORIGINATOR OF THIS ARTICLE WILL NOT BE RESPONSIBLE FOR ANY DECISON TAKEN BY YOU IN TRADING.