PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 08 AUG 2023

5 août 2023

08 AUG 2023
1. US markets are looking bearish. Europe is pulling back.
2. Asia is looking bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 11 indicating less volatility and bullishness.
2. GIFTY Nifty is indicating 20 points uptick at 19600 fut and 19540 spot.
INDEX HEAVY WEIGHTS
1. HDFC Bank has strong support at 1645. Any break above 1660 is bullish for a tgt of 1671.
2. ICICI Bank has strong support at 970. resistance can be seen at 976 - 981.
3. Reliance has strong resistance at 2522. Any break of 2522 will be bullish. 2497 is a strong support.
ANALYSIS
1. Nifty has made a H&S pattern. it need to break of the neck of H&S placed at 19575.
2. Bank Nifty is comparitively weak compared to nifty.
TRADING PLAN
1. NIFTY OPEN FLAT: Any break of 19575 is bullish for a tgt of 19820.
2. NIFTY OPEN GAP UP: Any gap up above 19575 is bullish for a tgt of 19620 - 19680.
3. NIFTY OPEN GAP DOWN: Any gap down to 19460 and rebound above 19490 is positive. Any move below 19450 is bearish.
4. BANK NIFTY OPEN FLAT: Any move to 45100 and move below 44900 is bearish
5. BANK NIFTY OPEN GAP UP: Any open above 45100 and break of 45200 is bullish for a tgt of 45500.
6.BANK NIFTY OPEN GAP DOWN: Any break of 44500 is bearish for a tgt of 44275 - 44000.

I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATOINAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVIOSR FOR ANY TRADE RELATED QUERY.