PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 11 OCT 2023

2023年10月10日

11 OCT 2023
WORLD MARKETS
1. US market is bullish whereas Europe is neutral to bearish and Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 11 indicating volatility is still high.
2. GIFT Nifty as of now is indicating 43 points uptick at 19730 levels and Bank Nifty at 44500 levels.
INDEX HEAVY WEIGHTS
1. HDFC Bank still has a strong resistance at 1526. Next resistance will be 1529 -1533. It will become fully bullish only above 1535. 1521 is still a strong sp.
ICICI Bank has turned bullish. 955 is still a strong resistance. 944 still remains a strong sp. However it is very bullish.
3. Reliance has strong sp at at 2290. 2315 is a strong resistance, break of it willbe very bullish. 2322 is a strong resistance.
ANALYSIS
1. World markets are looking mixed.
2. Indices are looking bullish.
3. Brent crude is still below 90 dollar.
4. However earnings of TCS, HDFC Bank will be there this week and market may turn cautious before the earnings.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19730 - 19645 : Any dip to 19650 is a buy. Sell on rally is not an option.
2. NIFTY OPEN ABOVE 19730 : Wait for a break out above 19770.
3.NIFTY OPEN BELOW 19650 : Wait for a break down below 19600.
4.BANK NIFTY OPEN BETWEEN 44495 - 44228: Any dip to 44200 is a buy.
5. BANK NIFTY OPEN ABOVE 44495 : WAIT FOR A CONSOLIDATION AND BREAK ABOVE 44600.
6. BANK NIFTY OPEN BELOW 44228 : Wait for a break below 44080.
NOTE : MARKET HAS MOVED TODAY. TOMORROW IS EXPIRY FOR BANK NIFTY. MARKET MAY REMAIN RANGE BOUND.

DISCLAIMER
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. THE AUTHOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY TRADER TAKEN BY THE READER.