PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 27 SEP 2023

26 Sep 2023

27 Sep 2023
WORLD MARKETS
1. US indices have turned bearish. Europe has turned bearish. Asia has turned bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX has increased above 11. GIFT Nifty is looking flat.
2. Indian indices are consolidating with a bearish bias.
INDEX HEAVY WEIGHTS
1. HDFC Bank is taking continuous sp at 1520. 1542 remains a strong resistance. It will be fully bullish above 1545.
2. ICICI Bank has strong resistance at 940 levels. Any break of it will be bearish. It can turn bullish only above 955.
3. Reliance has strong resistance @ 2360. there is no immediate sp except at 2306.
ANALYSIS
1. India VIX is looking bullish indicating increase in volatility.
2. Indices are consolidating with a bearish bias. we may expect a rangebound move with a bearish bias.
TRADING PLAN
1. NIFTY OPEN BETWEEN 91682 - 19648 : Wait for a break out above 19700 or break down below 19630.
2. NIFTY OPEN ABOVE 19682 : Wait for a break out above 19700.
3.NIFTY OPEN BELOW 1948 : Wait for a break down below 19630.
4.BANK NIFTY OPEN BETWEEN 44700 - 44550 : Wait for a breakout above 44750 or break down 44490.
5. BANK NIFTY OPEN ABOVE 44700 : Wait for a break out above 44760. Any dip to 44700 is a buy.
6. BANK NIFTY OPEN BELOW 44550 : Wait for a break down below 44490.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR INFORMATION PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERIES. THE AUTHOR IS NOT LIABLE FOR ANY TRADE TAKEN BY THE READER.