PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 03 OCT 2023

3 Okt 2023

03 Oct 2023
WORLD MARKETS
1. All the world markets are bearish. US and Europe has still more legs to go before turning bullish. Asia is also looking bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 11 indicating high volatility.
2. GIFT Nifty is indicating a negative tick of 100 points. This amounts to 300 points on bank nifty at 44300 levels.
index heavy weights
1. HDFC Bank is still bearish. It has resistance at 1540 levels. Sp can be seen at 1510 levels. Any brek of 1520 is bearish.
2. ICICI Bank has pulled back. 955 is a strong resistance. short term sp is there at 942 levels.
3. Reliance has strong resistance at 2360. Next sp is there at 2290 levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19685 - 19592 : Any rally to 19700 is a sell.
2. NIFTY OPEN ABOVE 19700 : Wait for a break out of 19735 levels.
3. NIFTY OPEN BELOW 19600: Wait for a break below 19540 levels. Look for a tgt of 19450 levels.
4.BANK NIFTY OPEN BETWEEN 44700 - 44480: Sell any rally to 44750 levels.
5. BANK NIFTY OPEN ABOVE 44700 : Wait for a break below 44750 levels.
6. BANK NIFTY OPEN BELOW 44480 : Any rally to 44500 - 44600 is a sell.
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. THE AUTHOR IS NORT LIABLE FOR ANY TRADE TAKEN BY THE READER.