PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY ON 14 AUG 2023

13 Agu 2023

14 AUG 2023
WORLD MARKET
1. US markets are looking neutral to bearish.
2. While Asia and Europe are consolidating with a bearish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 11.5 indicating high volatility with a bearish bias.
2. GIFT nifty is Indicating a flat opening at 19429 levels. we have to see whether 19400 holds.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bearish. It has strong support at 1615. Any break of 1615 will be very bearish as it will be a decisive break of 200 SMA. It Has resistance at 1630 levels.
2. ICICI Bank has broken 960 and it has next support at 946 only.
3. Reliance has strong support at 2530 and is looking bullish. It can turn bearish below 2520.
ANALYSIS
1. 15 Aug is a holiday. Hence Fin Nifty expiry is tomorrow only.
2. Both the indices are looking bearish.
3. Even index heavy weights like HDFC Bank and ICICI Bank and IT is looking bearish. But reliance is looking bullish.
4. In the past 2 days, the nifty open flat and immediately make a 150 -200 point red candle and then consolidate without giving opportunity for traders to enter. Instead of waiting for 5 min candle to complete, we should see if a 2 min candle gives a 100 point red candle, my view is to enter the market on bearish side with strict stoploss.
TRADING PLAN
1.NIFTY OPEN FLAT: Any move to 19500 is a sell.
2. NIFTY OPEN GAP UP: Any gap up above 19500 and a consolidation at the level is a buy for a tgt of 19575.
3. NIFTY OPEN GAP DOWN: Any open below 19388 is a sell for a tgt of 19300.
4.BANK NIFTY OPEN FLAT: Any move to 44400 and weakening is a sell for a tgt of 44050.
5. BANK NIFTY OPEN GAP UP: Any gap up above 44500 and break out of 44640 is a buy.
6. BANK NIFTY GAP DOWN: Any gap down below 44080 is a sell for a tgt of 43746.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERIES.