PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 18 JUL 2023

17 jul 2023

18 JUL 2023
WORLD MARKETS
1. US markets is looking bullish while the Asia and Europe is consolidating with a bullish bias.
INDIA VIX AND GIFTY NIFTY
1. GIFT Nifty is indicating 20 points uptick at 19767 FUT and 19711 spot. This amounts to 45550 for bank nifty.
2.India VIX 11.3 indicating increase in volatility with increase in index indicating bullishness.
RESULTS
1. ICICI PRU and ICICI Lombard which are constituents of Fin Nifty are declaring results tomorrow.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking very bullish after the results. It has strong support at 1665 - 1660. Any dip is a buying opportunity for a tgt of 1692. Any dip below 1652 will be bearish.
2. ICICI Bank has broken out of range 965. It has support at 960 - 965 for a tgt of 980.
3. Reliance has strong support at 2775 -2790. Tgt will be 2810. Any break of 2814 will be bullish.
ANALYSIS
1. Nifty has broken out of 19700. It is looking very bullish.
2. Bank Nifty is also looking bullish after a breaking out of 45200 range.
TRADING PLAN
1. NIFTY OPEN FLAT: Any dip to 19700 is a buying opportunity for a tgt of 19750.
2.NIFTY OPEN GAP UP: Any open above 19750 and sustain above it will give us a tgt of 19800-19880.
3. BANK NIFTY OPEN FLAT: Any dip to 45200 is a buying opportunity for a tgt of 45685.
4. BANK NIFTY OPEN GAP UP: Any open above 45700 and sustain above is a buy for a tgt of 45922.
5. I have no bearish idea.
6. After a Gap up today, in the morning session tomorrow, the market may remain subdued as 45500 and 19700 is a good resistance. We can see a move in the afternoon session. This is my view.
7. BUY ON DIP IS A GOOD STRATEGY.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATION PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY.
PLEASE TELL ME IF YOU WANT ANALYSIS FOR FIN NIFTY ALSO. REGARDS.