PRE MARKET ANALYSISFOR NIFTY AND BANK NIFTY FOR 11 SEP 2023

10. Sept. 2023

11Sep 2023
WORLD MARKETS
1. US markets are looking neutral to bullish while Europe and Asia are looking neutral to bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 indicating bullishness.
2. GIFT Nifty is indicating 58 points uptick at 19878. This amounts to 160 points uptick for bank nifty at 45300 levels.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned bullish. However 1630 is a strong resistance and some consolidation may be expected. we had 3 days of green candle. Any dip to 1615 is a buy. There are multiple resistance level at 1640 and 1650. It can be fuly bullish above 1650.
2. ICICI bank is still choppy and rangebound. Any break of 975 will be bullish. However there is no momentum buildup in ICICI bank.
3. SBIN and Kotak Bank on the other hand has turned bullish.
4. Reliance has broken out of 2440 levels. It has turned bullish. Any dip should be bought. Tgt 2466 levels.
ANALYSIS
1. G 20 has turned out to be very successful. This will have a positive impact at least for tomorrow.
2. Index heavy weights are bullish.
3. Nifty is above 19800 and bank nifty above 45000 decisively.
TRADING PLAN:
1.NIFTY OPEN BETWEEN 19850-19780 : Any dip to 19750 is a buy.
2.NIFTY OPEN ABOVE 19850: Wait for a break out from 19900 decisively.
3. NIFTY OPEN BELOW 19750 : wait for a decisive break down of 19730.
4.bank nifty open between 45315 and 45000: Any dip to 45100 levels is a buy.
5. BANK NIFTY OPEN ABOVE 45315 LEVELS.: Any dip to 45300 is a buy. Also wait for a breakout above 45470 levels for better risk reward ratio.
6.BANK NIFTY OPEN BELOW 45000 : Wait for a break down of 45830 decisively.
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 AUTHOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY YOU.