PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 28 SEP 2023

27 sept 2023

28 Sep 2023
WORLD MARKTS
1. All the world markets have turned red. while they look bearish they are oversold.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 11 @11.5 indicating increased volatility.
2. GIFT Nifty is indicating 43 points down tick at 19650 levels. This amounts to 44500 levels for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has strong resistance @ 1530 - 1535. Bullish bets can be taken above 1530 and fully bullish above 1535. Any move below 1520 is bearish.
2. ICICI Bank has resistance at 950. 940 is a strong support. Any move below is bearish.
3. Reliance has made a bullish candle. Need to see whether it will sustain. 2360 is a strong sp and 2378 is a strong resistance.
ANALYSIS
1. World markets have turned bearish.
2. Indices has made a pullback. we have to see whether it will sustain.
TRADING PLAN
NIFTY OPEN BETWEEN 19762 - 19670 : Any dip to 19650 is a buy. Any weakening @ 19760 and move below 19700 is a sell.
2. NIFTY OPEN ABOVE 19760 : Wait for a consolidation at 19760 - 19800 and buy the breakout.
3. NIFTY OPEN BELOW 19660 : Wait for a break down below 19620 and then sell.
4.BANK NIFTY OPEN BETWEEN 44725 - 44453 : Any move to 44800 is a sell. Any dip to 44450 and move above 44550 is a buy.
5. BANK NIFTY OPEN ABOVE 44725 : Wait for a consolidation and breakout above 44750.
6. BANK NIFTY OPEN BELOW 44450 : Any rally to 44600 and break below 44500 is a sell.
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 IS NOT LIABLE FOR ANY TRDAE TAKEN BY THE READER.