PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 08 AUG 2023

7. Aug. 2023

08 AUG 2023
WORLD MARKETS
1. US and Europe markerts are looking neutral to bullish, while Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 11 indicating increase in volatility.
2. GIFT Nifty is indicating 20 points downtick at 19575 levels.
INDEX HEAVY WEIGHTS.
1. HDFC Bank is in a range indicating indecision. Any move above 1660 is bullish and move below 1640 levels will be bearish.
2. ICICI bank is is mildly bullish. Any move above 977 is bullish and any move below 972 is bearish.
3. Reliance is bullish. Any move above 2530 is bullish. Any move below 2510 is bearish.
ANALYSIS
1. Indices are in a range post quarterly results and is looking for direction.
2. Also all the index heavy weights except reliance is range bound with a bullish bias.
3. Move in Nifty can only be expected if Bank Nifty turn bullish.
4. IT is supporting Nifty.
TRADING PLAN
1. NIFTY OPEN FLAT : Any move above 19620 is bullish for a tgt of 19690 levels.
2. NIFTY OPEN GAP UP: Any gap up above 19630 is bullish for a tgt of 19690.
3. NIFTY OPEN GAP DOWN: Any gap down below 19550 is bearish for a tgt of 19520.
4. BANK NIFTY OPEN FLAT : Any rally to 44968 - 45000 is a sell for a tgt of 44800.
5. BANK NIFTY OPEN GAP UP: Any gap up above 44970 and break of 45070 is bullish.
6. BANK NIFTY OPEN GAP DOWN: Any move below 44700 is bearish for a tgt of 44610 and below.
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.