PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 24 AUG 2023

23 sie 2023

24 Aug 2023
WORLD MARKETS
1. US and Europe is looking bullish. Asia is looking neutral to bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 12 indicating reduction in volatility.
2. GIFT Nifty is indicating 60 points uptick at 19500. That amounts to 44620 levels for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has strong resistance at 1593 levels. Any break of this will get us 1600. 1581 is a good support.
2. ICICI Bank has good support at 962. Resistance can be seen at 972. -977.
3. Reliance could not break 2524. It has made H&S pattern. Any move below 2513 will be bearish for nifty.
4. IT is neutral to bullish.
ANALYSIS
1.Nifty has broken out of 19400 which is bullish. Similarly bank nifty has broken out of 44150 levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19417 - 19470 : Any dip to 19430 is a buying opportunity.
2. NIFTY OPEN BETWEEN 19470 - 19500 : Any dip to 19470 is a buy.
3. NIFTY OPEN BELOW 19400 : Any rally to 19400 is a sell.
4. BANK NIFTY OPEN BETWEEN 44325 - 44640 : Any dip to 43400 is a buy.
5. BANK NIFTY OPEN ABOVE 44650 : Any dip to 44600 is a buy.
6. BANK NIFTY OPEN BELOW 44315 : Any move below 44300 is a sell.
I AM NOT A SEBI REGISTERED ANALYST. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY.