PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 07 JUL 2023

6 jul 2023

07Jul 2023
WORLD MARKETS
1. World Markets are trading hugely in negative Any where between 1.5 - 2 % cut. US is trading gap down with 1 % plus cut . Asia has closed with 1.5 % - 3 % cut and Europe is trading with 0.8 - 2 % cut.
GIFTY NIFTY AND INDIA VIX
1. Gift Nifty is indicating 57 points cut NOW @ 19450. This corresponds to 150 points cut to bank nifty @ 45200.
2. India VIX is at 11.8 indicating increased volatility.
INDEX HEAVY WEIGHTS
1. HDFC Bank was up 1.7% after 3 % cut yesterday and ICICI Bank was up 1.7%. There was hughe index management done through these two stocks and ensure Bank Nifty and NIfty close below or @ 45500 and 19500 resply where highest call OI was there.
2. HDFC Bank has support at 1660. Any break of it will give 1645. It has resistance @ 1690. Any break of this will be positive.
3. ICICI Bank is trading at all time high and will remain positive. It has closed above 950. It has support at 955 which is 200 DEMA. Any break of this will again give us 950 levels. Any gap up above 965 will be bullish.
3. Reliance closed 2 % up at 2638. It has strong support at 2620. Any gap up above 2657 will give 2677.
Analysis
1. World market is looking weak and bearish. Whether it will have any effect on our market is need to be seen.
2. Indian indices are looking bullish supported by index heavy weights.
3. However GIFT nifty is indicating a negative start to market.
TRADING PLAN
1. nifty open flat : Any move above 19540 will be bullish for a tgt 19630 levels.
2. Nifty open Gap down : Any gap down to 19420 levels and reversal above 19450 will be positive. However if Nifty start trading below 19420, then it will be negative for a tgt of 19300.
3. Bank Nifty open Flat : Bank Nifty will be bullish only above 45550 to get a big move. Any move to 45550 and reversal below 45500 will be negative for a tgt of 45250.
4. Bank Nifty open gap Down : Any move below 45150 will be negative for a tgt of 44950 levels and further 44700. Any gap down to 45135 and reversal above 45240 will be positive for a tgt of 45450.
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.