PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 09 AUG 2023

8 авг. 2023 г.

09 Aug 2023
WORLD MARKETS
1. US markets are down by 1- 1.5% due to FITCH downgrading US debt from AAA to AA+ which is very significant.
2. Europe is looking neutral to bearish.
3. Asia is bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 11 indicating volatility.
2. GIFT Nifty is indicating 50 points downtick at 19540 Fut and 19570 spot. here Fut is trading at a discount to spot indicating bearishness. This amounts to 150 point dodwntick for bank nifty at 44832.
INDEX HEAVY WEIGHTS
1. HDFC Bank is very range bound between 1945-1955. Any break of 1945 is beraish. Bullish bets can be taken above 1965 only.
2. ICICI Bank is bullish and is defending 200 EMA on 5 Min time frame. ICICI BAnk is bearish below 975 while it will be bullish above 985.
3. Reliance is bearish any move to 2514 will be a sell. Any break of 2500 is a gin a sell.
4. IT packs are as such bearish.
ANALYSIS
1. RBI Monetary committe decision on repo rate is on 10 Aug 2023.
2. However it is expected that repo rate will be kept unchanged.
3. But FITCH dodwngrade of US debt is very bearish but we need to see how the US market will react at the end of the day which is presently down 1-1.5%.
3. We may see a bearish day tomorrow if HDFC Bank and ICICI Bank tuen bearish.
4. As such Reliance and IT is bearish.
5. Nifty is more bearish compared to Bank Nifty which is being supported by ICICI Bank and SBI.
TRADING PLAN
1. NIFTY OPEN FLAT : If Nifty open flat, any break of 19500 will be bearish with a tgt of 19500 - 19470 levels.
2. NIFTY OPEN GAP DOWN: Any open below19540 will be bearish for a tgt of 19470 levels.
3. NIFTY OPEN GAP UP: Any move to 19600 is a sell for a tgt of 19550 levels. Any break of 19630 will be bullish.
4.BANK NIFTY OPEN FLAT: Any move to 45050 and drop below 45000 is a sell. Tgt 44830.
5. BANK NIFTY OPEN GAP UP: Any gap up above 45120 is bullish for a tgt of 45250 levels and up.
6. BANK NIFTY OPEN GAP DOWN: Any gap down below 44880 is bearish. However i will wait for the break of 44800 for a tgt of 44650.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR EGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY.