Nifty Bank IndexSingkat
PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 25 SEP 2023
25 SEP 2023
WORLD MARKETS
1. US and Europe is looking bearish while the Asian markets are consolidating with a bearish bias.
INDEX HEAVY WEIGHTS AND INDIA VIX
1. India VIX is below 11.
2. GIFT Nifty is indiacating 60 points down tick at 19600 levels. This amounts to 44500 levels for Bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC BAnk has gapped down 3 days in a row with daily cuts of 3 - 1.5%. It looks bearish. 1540 is a strong resistance. It can turn bullish only above 1551. It is looking over sold in 1 Hr time frame. 1520 is a strong sp area.
2. ICICI Bank has turned bearish. 955-957 is a strong resistance. It can turn bullish above 965. Any break below 945 will be bearish.
3. Reliance is in a down trend. 2350 is a good sp.Any break of it will get us 2306 levels. It is looking oversold in 1 hr time frame. 2371 is a strong resistancce.
ANALYSIS
1. India VIX is below 11 but market is still falling. All Index heavy weights are bearish. There has been a broad based selling except in IT and PSU Banks. Nifty has strong sp between 19400 - 19500 levels. Similarly Bank Nifty has strong sp at 44500 levels. we may expect a pullback after the gap down.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19700 -19635: Any rally to 19750 is a sell. However any gap down to 19600 and consolidation and move 19640 will be a buying opportunity. RR will be less.
2. NIFTY OPEN ABOVE 19700 : Wait for a break out above 19750 decisively.
3.NIFTY OPEN BELOW 19635: Wait for the break below 19600 levels.
4.BANK NIFTY OPEN BETWEEN 44735 - 44500 : Any rally to 44750 - 44800 is a sell.
5.BANK NIFTY OPEN ABOVE 44735. Any break of 45000 is a buy. Any weakness at 45000 is a sell for a tgt of 44500.
6.BANK NIFTY OPEN BELOW 44500 :Any rally to 44550 - 44600 and break below 44490 is a sell for a tgt of 44200.
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 LIABLITY FOR ANY TRADES TAKEN BY YOU.
WORLD MARKETS
1. US and Europe is looking bearish while the Asian markets are consolidating with a bearish bias.
INDEX HEAVY WEIGHTS AND INDIA VIX
1. India VIX is below 11.
2. GIFT Nifty is indiacating 60 points down tick at 19600 levels. This amounts to 44500 levels for Bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC BAnk has gapped down 3 days in a row with daily cuts of 3 - 1.5%. It looks bearish. 1540 is a strong resistance. It can turn bullish only above 1551. It is looking over sold in 1 Hr time frame. 1520 is a strong sp area.
2. ICICI Bank has turned bearish. 955-957 is a strong resistance. It can turn bullish above 965. Any break below 945 will be bearish.
3. Reliance is in a down trend. 2350 is a good sp.Any break of it will get us 2306 levels. It is looking oversold in 1 hr time frame. 2371 is a strong resistancce.
ANALYSIS
1. India VIX is below 11 but market is still falling. All Index heavy weights are bearish. There has been a broad based selling except in IT and PSU Banks. Nifty has strong sp between 19400 - 19500 levels. Similarly Bank Nifty has strong sp at 44500 levels. we may expect a pullback after the gap down.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19700 -19635: Any rally to 19750 is a sell. However any gap down to 19600 and consolidation and move 19640 will be a buying opportunity. RR will be less.
2. NIFTY OPEN ABOVE 19700 : Wait for a break out above 19750 decisively.
3.NIFTY OPEN BELOW 19635: Wait for the break below 19600 levels.
4.BANK NIFTY OPEN BETWEEN 44735 - 44500 : Any rally to 44750 - 44800 is a sell.
5.BANK NIFTY OPEN ABOVE 44735. Any break of 45000 is a buy. Any weakness at 45000 is a sell for a tgt of 44500.
6.BANK NIFTY OPEN BELOW 44500 :Any rally to 44550 - 44600 and break below 44490 is a sell for a tgt of 44200.
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 LIABLITY FOR ANY TRADES TAKEN BY YOU.
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