PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 06 OCT 2023

5 thg 10, 2023

06 Oct 2023
WORLD MARKETS
1. All the world markets are looking bearish. However it looks over sold.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 indicating decrease in volatility.
2. GIFT Nifty is indicating a muted opening. This may change by tomorrow morning.
INDEX HEAVY WEIGHTS
1. HDFC BAnk has good sp at 1529. Any break out above 1547 is bullish. Full break out is only above 1555. Any break out below 1525 is bearish.
2. ICICI BANK has good sp at 935. 944 is a strong resistance. Any break of 945 is bullish.
3. Reliance has strong resistance at 2325. 2308 is a good sp.
ANALYSIS
1. World markets are looking bearish but oversold and stretched.
2. Nifty has resistance at 19600 and Bank nifty at 44700 levels.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19570 - 19520 : Any dip to 19500 is a buy.
2.NIFTY OPEN ABOVE 19570: Any break out of 19600 is a buy.
3.NIFTY OPEN BELOW 19520 : Wait for a break down below 19490 levels.
4. BANK NIFTY OPEN BETWEEN 44290 AND 44135 : Any dip to 44100 and move above 44135 is a buy.
5. BANK NIFTY OPEN ABOVE 44291 : Any break out 44400 is a buy.
6. BANK NIFTY OPEN BELOW 44135 : Wait for break below 44050 - 44000 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 THE READER.