PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 21 SEP 2023
21 Sep 2023
WORLD MARKETS
1. World markets are consolidating ahead of Fed rate decision. However the US indices are trading in the green.
INDIA VIX AND GIFT NIFTY
1. India VIX is still at 11 with a slight increase. GIFT Nifty is indicating 65 points uptick at 19960 levels. This amounts to 45600 levels for bank nifty.
INDEX HEAVY WEIGHTS
1.HDFC Bank is battered. 1575 will be a strong resistance. It can turn bullish only above 1600.
2. ICICI bank is trying to be bullish. however it could not break 996 levels. 990 is a strong resistance. It can turn bullish only above 996.
3. Reliance is heading towards 2290 levels. Any rally to 2420 is a sell. It can turn bullish above 2452 only.
ANALYSIS
1. The fall in the indices is mainly due to HDFC Bank and reliance.
2. Markets are waiting for a fed rate decision. If the Fed holds the interest rate, then the market may rally.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19950 - 19850 : Any rally to 20000 and fall below 19950 is a sell.
2.NIFTY OPEN ABOVE 19950 : Any break of 20050 will be bullish.However any break below 19950 will be bearish.
3.NIFTY OPEN BELOW 19850 :Any rally to 19950 - 20000 is a sell.
4. BANK NIFTY OPEN BETWEEN 45250 - 45500 :Any rally to 45600 and break below 45500 is a sell.
5. BANK NIFTY OPEN ABOVE 45500 : Any decisive break of 45700 is a buy. However any rejection of 45650 is a sell.
6. BANK NIFTY OPEN BELOW 45250: Any rally to 45400 and fall below 45250 is a sell.
DISCLAIMER
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FIANACIAL ADVISOR FOR ANY TRADE RELATED QUERY. THE AUTHOR HAS NO LIABILITY FOR ANY TRADE TAKEN BUY YOU.
WORLD MARKETS
1. World markets are consolidating ahead of Fed rate decision. However the US indices are trading in the green.
INDIA VIX AND GIFT NIFTY
1. India VIX is still at 11 with a slight increase. GIFT Nifty is indicating 65 points uptick at 19960 levels. This amounts to 45600 levels for bank nifty.
INDEX HEAVY WEIGHTS
1.HDFC Bank is battered. 1575 will be a strong resistance. It can turn bullish only above 1600.
2. ICICI bank is trying to be bullish. however it could not break 996 levels. 990 is a strong resistance. It can turn bullish only above 996.
3. Reliance is heading towards 2290 levels. Any rally to 2420 is a sell. It can turn bullish above 2452 only.
ANALYSIS
1. The fall in the indices is mainly due to HDFC Bank and reliance.
2. Markets are waiting for a fed rate decision. If the Fed holds the interest rate, then the market may rally.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19950 - 19850 : Any rally to 20000 and fall below 19950 is a sell.
2.NIFTY OPEN ABOVE 19950 : Any break of 20050 will be bullish.However any break below 19950 will be bearish.
3.NIFTY OPEN BELOW 19850 :Any rally to 19950 - 20000 is a sell.
4. BANK NIFTY OPEN BETWEEN 45250 - 45500 :Any rally to 45600 and break below 45500 is a sell.
5. BANK NIFTY OPEN ABOVE 45500 : Any decisive break of 45700 is a buy. However any rejection of 45650 is a sell.
6. BANK NIFTY OPEN BELOW 45250: Any rally to 45400 and fall below 45250 is a sell.
DISCLAIMER
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FIANACIAL ADVISOR FOR ANY TRADE RELATED QUERY. THE AUTHOR HAS NO LIABILITY FOR ANY TRADE TAKEN BUY YOU.
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