PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 08 OCT 2023

8 thg 10, 2023

08 Oct 2023
WORLD MARKETS
1. US and Europe has pulled back and looking bullish on daily chart. Asia is still oversold.
INDIA VIX AND GIFT NIFTY
1. India VIX is still below 11 and down by 5% indicating reduction in volatility and fear.
2. GIFT nifty is indicating 100 points uptick at 19750 levels. This amounts to 44650 levels for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has broken out of a range of 1545 - 1535. 1538 is a strong resistance and 1529 is a good sp. It can turn bullish above 1542. Bearish bets can be taken below 1525.
2. ICICI Bank is has good sp at 943. 955 is a strong resistance. Any dip to 940 -943 levels is a buy. Any break of 940 will be bearish.
3. Relaince has strong resistance at 2321. Any break of 2325 is bullish. 2314 is a good sp. Any break of 2314 is bearish.
ANALYSIS
1. World markets have turned bullish post jobs data of US.
2. Nifty is outperforming Bank nifty.
3. 200 points gap up and gap down has become a norm and intra day traders has very little scope to trade as post gap up market tends to consolidate.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19675 - 19630 : Any dip to 19600 and move above 19630 is a buy.
2.NIFTY OPEN ABOVE 19675 : Wait for a consolidation and break above 19700.
3. NIFTY OPEN BELOW 19630: Wait for a break out below 19600 levels.
4. BANK NIFTY OPEN BETWEEN 44430 - 44290 : Any dip to 44290 is a buy.
5. BANK NIFTY OPEN ABOVE 44430 : Wait for a consolidation and break out above 44500 decisively.
6. BANK NIFTY OPEN BELOW 44290 : Wait for a break below 44200.
NOTE : Avoid long if there is a gap up of 200 points and above till there is a 100 - 150 points pull back to sp area.
DISCLAIMER
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUTR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY. THE AUTHOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY TRADES TAKEN BY THE READER.