PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 24 JUL 2023

23 июл. 2023 г.

24 JUl 2023
WORLD MARKETS
1. US markets are looking over stretched.
2. Europe and Asia are trading mixed with a bearish bias.
GIFT NIFTY AND INDIA VIX
1. India VIX is at 11.4 which is below 12. Any move above 12 will invite volatility.
2. GIFT Nifty is indicating 66 points down tick at 19745 Spot. This amounts to 150 points downtick for Bank Nifty at 45800 levels.
RESULTS
1. ICICI Bank and Kotak Bank have come up with very good results which will positively impact Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is in a very tight range between 1675 - 1686 for the past 3 days. 1686 is a strong resistance. Any break of this will give us 1693. Any trade or opening below 1680 will be Bearish for a tgt of 1665.
2. ICICI Bank is looking bullish. Any break of 1004 or opening above 1004 will be positive for a tgt of 1010.It can turn negative only below 990.
3. Reliance after bad result has pulled back.It can turn positive above 2590. But it will turn bearish below 2514 levels.
ANALYSIS
1. ICICI Bank and kotak hve come up with good results. While Infy, reliance and HUL have spooked the markets with below expected result.
2. I remian neutral on Nifty while bank nifty may turn bullish due to ICICI Bank and KOTAK Bank.
TRADING PLAN
1. NIFTY OPEN FLAT : Any move to19800 is a sell as 19800 is looking as a strong resistance. Tgt 19660.
2.NIFTY OPEN GAP UP: Any move above 19850 and sustain above 19850 is a buy for a tgt of 19930. However any weakness at 19840 and drop below 19800 is a sell.
3. NIFTY OPEN GAP DOWN: Any move to 19660 and reversal above 19700 is a buy. Any move below 19650 is a sell for a tgt of 19550.
4. BANK NIFTY OPEN FLAT: Any move above 46318 is a buy for a tgt of 46530. Any weakness at 46230 and drop below 45200 is a sell for a tgt of 46800.
5. BANK NIFTY OPEN GAP UP: Any gap up above 46300 and sustain is a buy for a tgt of 46530.
6. BANK NIFTY GAP DOWN: Any move below 45830 is negative for a tgt of 45620.
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.