PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 12 OCT 2023
12 oct 2023
WORLD MARKETS
1. US and Asia is looking neutral to bullish while Asia is looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 indicating a reduction in volatility.
2. GIFT Nifty is indiacating 20 points down tick now at 19790 and bank nifty at 44450.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bullish. It has crossed 1535 which is a strong resistance. Next Tgt is 1561. Sp can be seeen at 1535.
2. ICICI Bank has taken rejection at 960 which is 20 SMA. It has made a shooting star. It has sp at 950.
3. Reliance has made a bullish candle. 2335 is a good sp. 2367 is a strong resistance.
ANALYSIS
1. Gift Nifty is indicating a flat to negative opening.
2. TCS has come up with a good result which may lift Nifty. But Bank Nifty may remain range bound awaiting HDFC Bank result on saturday.
TRADING PLAN
NIFTY OPEN BETWEEN 19833 - 19788 : Buy any break out above 19850.
NIFTY OPEN ABOVE 19833 : Buy any dip to 19800 and move above 19850.
3. NIFTY OPEN BELOW 19780: Wait for a break below 19750.
4.BANK NIFTY OPEN BETWEEN 44600 - 44435 : Buy any dip to 44450.
5.BANK NIFTY OPEN ABOVE 44600 : Buy only a confirmed break out above 44700.
6. BANK NIFTY OPEN BELOW 44430 : Short position can be taken only below 44300.
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 HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.
WORLD MARKETS
1. US and Asia is looking neutral to bullish while Asia is looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 indicating a reduction in volatility.
2. GIFT Nifty is indiacating 20 points down tick now at 19790 and bank nifty at 44450.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bullish. It has crossed 1535 which is a strong resistance. Next Tgt is 1561. Sp can be seeen at 1535.
2. ICICI Bank has taken rejection at 960 which is 20 SMA. It has made a shooting star. It has sp at 950.
3. Reliance has made a bullish candle. 2335 is a good sp. 2367 is a strong resistance.
ANALYSIS
1. Gift Nifty is indicating a flat to negative opening.
2. TCS has come up with a good result which may lift Nifty. But Bank Nifty may remain range bound awaiting HDFC Bank result on saturday.
TRADING PLAN
NIFTY OPEN BETWEEN 19833 - 19788 : Buy any break out above 19850.
NIFTY OPEN ABOVE 19833 : Buy any dip to 19800 and move above 19850.
3. NIFTY OPEN BELOW 19780: Wait for a break below 19750.
4.BANK NIFTY OPEN BETWEEN 44600 - 44435 : Buy any dip to 44450.
5.BANK NIFTY OPEN ABOVE 44600 : Buy only a confirmed break out above 44700.
6. BANK NIFTY OPEN BELOW 44430 : Short position can be taken only below 44300.
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 HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.
Penafian
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