PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 28 AUG 2023

27. Aug. 2023

28 Aug 2023
WORLD MARKETS
1. US markets are consolidating with a bearish bias.
2. Europe is looking bearish.
3. Asia is consolidating with a bearish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 12 indicating continuation of trend which is downtrend.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bearish.1568 is a strong resistance. Bullish view can be taken above 1572. Any break of 1556 will be bearish for a tgt of 1543.
2. ICICI Bank is looking bullish. Any break of 974 and 977 will be bullish. Break of 964 will be bearish. Tgt 958.
3. Reliance has turned bearish. 2486 is a strong resistance. Bullish bets can be taken above 2502.
ANALYSIS
1. World markets are looking neutral to bearish.
2. HDFC Bank and reliance is looking bearish while ICICI Bank is looking bullish. This may create volatility in bank nifty and Nifty.
3. India VIX is above 12 indicating high volatility.
TRADING PLAN.
1. NIFTY OPEN BETWEEN 19280 - 19250 : Any breakout above 19305 is bullish. Any breakdown below 19225 is a sell.
2.NIFTY OPEN ABOVE 19300 : Any open above 19305 is bullish for a tgt of 19400 provided reliance turn bullish.
3. NIFTY OPEN BELOW 19250 : Any rally to 19250 will be a sell.
4. BANK NIFTY OPEN BETWEEN 44340 - 44130 : Any rally to 44400 is a sell. Any dip to 44029 and move above 44150 is a buy.
5. BANK NIFTY OPEN ABOVE 44350 : Any break of 44400 is bullish and any dip to 44350 is a buy.
6. BANK NIFTY OPEN BELOW 44100 : Any rally to 44200 is a sell.
I AMNOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERIES.