PRE MRKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 21 JUL 2023

20 Jul 2023

21 Jul 2023
WORLD MARKETS
1. US Market is mixed with S&P and NASDAQ is in red, while DJI is trading positive.
INDIA VIX AND GIFT NIFTY
1. GIFT Nifty is indicating 89 point down tick at 19880 Fut and 19779 Spot. This amounts to 250 points down tick at 46000 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank was trading in a range for last 2 days broke out today after 1500 Hrs. Any move above 1695 is bullish. Move below 1682 is bearish.
2. ICICI Bank broke out before the result itself. May be due to ICICI securities coming up with good result. ICICI Bank is cleraly bullish. Any drop to 988 is a buying opportunity.
3. Reliance is coming up tomorrow with result. This may keep Nifty volatile.
Analysis
1. Both Nifty and bank nifty are bullish.
2. But after a big move, it may trade range bound tomorrow.
3. Buy on dips will be a good strategy. However the dips may not be too big.
TRADING PLAN
1. NIFTY OPEN FLAT. Any dip to 19914 is a buying opportunity.
2. NIFTY OPEN GAP DOWN: Any dip to 19850 is a buying opportunity.
3. NIFTY OPEN GAP UP :Any move to 20040 and reversal is a selling opportunity. Any move above 20107 is a buying opportunity.
4. BANK NIFTY OPEN FLAT: Any dip to 40030 is a buying opportunity.
5. NIFTY OPEN GAP UP: Any Move above 46506 is bullish, while any reversal from 46350 is a sell for a tgt of 46030.
6. BANK NIFTY OPEN GAP DOWN: Any dip to 45900 is a buying opportunity. However any move below 45850 is bearish for a tgt of 45560
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.