PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 05 OCT 2023

4 thg 10, 2023

05 Oct 2023
WORLD MARKETS
1. World markets are bearish but looks oversold. We may see more down side.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 11.5 indicating high volatility.
2. GIFT Nifty is indicating a 34 points down tick at 19400. This amounts to 43900 for Bank NIfty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has made a bullish morobuzo candle. It has resistance at 1942 and sp can be seen at 1517.
2. ICICI Bank has taken sp at 930 and resistance can be seen at 935.5
3. Reliance has taken sp at 2290 which is 200 SMA. 2335 is a strong resistance.
ANALYSIS
1. World markets are looking bearish but oversold.
2. Index heavy weights have made a pull back taking sp at crucial sp levels.
3. However Banking stocks like Axis Bank and SBI took a beating.
4. On the contrary IT stocks supported Nifty.
5. We have to see whether 19400 in Nifty and 44000 in bank nifty will be defended.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19470 - 19400 : Any dip to 19400 is a buy.
2. NIFTY OPEN ABOVE 19470: Wait for a break out above 19500.
3. NIFTY OPEN BELOW 19400: Wait for a break down below 19370.
4.BANK NIFTY OPEN BETWEEN 44050 -43880: Sell Any rally to 44150 and drop below 44000.
5.BANK NIFTY OPEN ABOVE 44050: Wait for a break out above 44200.
6. BANK NIFTY OPEN BELOW 43870: Sell Any rally to 44000 -43900 and drop below 43850.

I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FIANACVIAL ADVISOR FOR ANY TRADE RELATED QUERY. THE AUTHOR IS NOT LIABLE FOR ANY TRADE TAKEN BY THE READER.