PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 31 MAY 2023

31 May 2023
1. World markets are looking mixed with US looking neutral to bullish whereas Asia and Europe is looking mixed.
SGX NIFTY AND INDIA VIX
1. Sgx Nifty is indicating 75 points downtick at 18654 futures which is around 18640 spot. Bank Nifty is liklEY to open 200 points down at 43200 levels.
INDEX HEAVY WEIGHTS.
1. HDFC BAnk is facing resistance at 1640 where as ICICI Bank is looking over bought.
2. Reliance is looking strong with a target of 2550 levels.
Analysis
1. Nifty is looking strong with reliance having still some steam left. IT is also supporting nifty. With consumer discretionary like ITC supporting Nifty.
2. Bank Nifty is looking weak compared to Nifty With ICICI bank and HDFC Bank looking weak. Incase of a bearish scenario, i expect bank nifty to fall more compared to nifty.
TRADE PLAN
1. Nifty can be bought above 18600 spot for a tgt of 18720. i do not have any bearish trade.
2. Bank Nifty has strong support at 44300 and strong resistance at 44500. Any break of these levels can get us 44065 and 44750 respectively.
however i expect bank nifty to close this expiry within the range of 44300 -44500.
I AM NOT A SEBI REGISTERED TRADER. THIS IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY.