PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 27 OCT 2023
27 Oct 2023
WORLD MARKETS
1. All the world markets are looking bearish. Except CAC which is trading positive. KOSPI is down 2.7 %.
INDIA VIX AND GIFT NIFTY
1. India VIX is @ 11.9 which is almost near 12.
2. GIFT Nifty is indicating a flat start for Nifty tomorrow.
INDEX HEAVY WEIGHTS
1. HDFC Bank is bearish. 1425 is a very good support. 1505 is still a strong resistance. Any move above 1471 is bullish. But it is a strong resistance.
2. ICICI Bank has strong resistance at 920. However the fall in ICICI BAnk has just started. This is worrisome. 887 is a strong sp level. We may see a a bounce tomorrow as in 1 Hr TF, ICICI Bank is looking oversold.
3. Reliance has good sp at 2140. 2260 is a strong resistance.
ANALYSIS
1. World markets are looking bearish.
2. Indian Indices has fallen in last 3 days. All Index heavy weights look bearish but oversold for short term. However it looks extremly bearish. Nifty has good sp at 18609. Bank Nifty has sp at 39750.
3. Market may remain rangebound and choppy tomorrow.
TRADING PLAN
1. NIFTY OPEN BETWEEN 18900 -18800 : Sell any rally to 18950.
2. NIFTY OPEN ABOVE 18900: Wait for a move above 18970 before going long.
3. NIFTY OPEN BELOW 18800 : Sell any rallt 18850.
4.BANK NIFTY OPEN BETWEEN 42450 - 42100 : Sell any rally42550.
5.BANK NIFTY OPEN ABOVE 42450 : Buy any move above 42600. wait for a consolidation between 42500 - 42600 before a break out above 42600.
6. BANK NIFTY OPEN BELOW 42100 : Sell any rally to 42300.
DISCLAIMER
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVIOSR FOR ANY TRADE RELATED QUERY. THE AUTHOR HOLDS NO LIABILTY FOR ANY TRADE TAKEN BY THE READER.
WORLD MARKETS
1. All the world markets are looking bearish. Except CAC which is trading positive. KOSPI is down 2.7 %.
INDIA VIX AND GIFT NIFTY
1. India VIX is @ 11.9 which is almost near 12.
2. GIFT Nifty is indicating a flat start for Nifty tomorrow.
INDEX HEAVY WEIGHTS
1. HDFC Bank is bearish. 1425 is a very good support. 1505 is still a strong resistance. Any move above 1471 is bullish. But it is a strong resistance.
2. ICICI Bank has strong resistance at 920. However the fall in ICICI BAnk has just started. This is worrisome. 887 is a strong sp level. We may see a a bounce tomorrow as in 1 Hr TF, ICICI Bank is looking oversold.
3. Reliance has good sp at 2140. 2260 is a strong resistance.
ANALYSIS
1. World markets are looking bearish.
2. Indian Indices has fallen in last 3 days. All Index heavy weights look bearish but oversold for short term. However it looks extremly bearish. Nifty has good sp at 18609. Bank Nifty has sp at 39750.
3. Market may remain rangebound and choppy tomorrow.
TRADING PLAN
1. NIFTY OPEN BETWEEN 18900 -18800 : Sell any rally to 18950.
2. NIFTY OPEN ABOVE 18900: Wait for a move above 18970 before going long.
3. NIFTY OPEN BELOW 18800 : Sell any rallt 18850.
4.BANK NIFTY OPEN BETWEEN 42450 - 42100 : Sell any rally42550.
5.BANK NIFTY OPEN ABOVE 42450 : Buy any move above 42600. wait for a consolidation between 42500 - 42600 before a break out above 42600.
6. BANK NIFTY OPEN BELOW 42100 : Sell any rally to 42300.
DISCLAIMER
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVIOSR FOR ANY TRADE RELATED QUERY. THE AUTHOR HOLDS NO LIABILTY FOR ANY TRADE TAKEN BY THE READER.
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