PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 19 JUL 2023

18 thg 7, 2023

18 JUL 2023
WORLD MARKETS
1. US markets is looking bullish. However Tech stocks in US is pulling back with NASDAQ in red.
2. Europe and Asia is bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is reaching the 12 mark beyond which market may become bearish.
2. GIFT Nifty is indicating 23 points up tick @ 19750 spot. This amounts to 45470 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating. It has good support at 1665 and resistance can be seen at 1685. Any break of 1665 can get us 1659 levels. It can become bullish after 1695.
2. ICICI Bank has support at 971 while resistance can be seen at 981. Any open above 981can get us 985. Any break of 971 can give us 970.
3. Reliance is looking bullish. Strong support is seen at 2805 while resistance can be seen at 2833.Any break of 2835, we can get 2865.
Analysis
1. Nifty and bank nifty are consolidating in a short range. Today they took a breather and did not give big move after a gap up but lost all that and closed in negative.
2. ICICI Bank is coming up with result on 22 Jul and may remain range bound.
TRADING PLAN
1. NIFTY OPEN FLAT: Any dip to 19700 is a buying opportunity. Any break of 19700 will be negative for a tgt of 19600.
2.NIFTY OPEN GAP UP: Any open above 19800 is positive if it consolidate there and give a breakout for a tgt of 19875 levels.
3. NIFTY OPEN GAP DOWN: Any decisive break of 19700 give us 19650.
4.BANK NIFTY OPEN FLAT: Any dip to 45200 -45100 and consolidation and break out above 45230 is bullish for a tgt of 45600.
5. BANK NIFTY OPEN GAP UP: Any gap up above 45600 and break out above 45750 is bullish for a tgt of 46040.
6. BANK NIFTY OPEN GAP DOWN: Any break of 45100 is negative for a tgt of 45000 - 44950

I AM NOT A SEBI REGISTERED ANALYST . THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERIES.