PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR TOMORROW
25 Jul 2023
WORLD MARKETS
1. US Market is looking over bought but bullish. It is consolidating.
2. Asia and Europe is range bound with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. GIFT Nifty as of now is @19672.
2. India VIX is below 12 indicating still bullishness.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still in the 1675 - 1685 range. Till the time it is in the range, we cannot expect the market to go anywhere. Because it has the highest weightage in both Nifty and bank Nifty. It keep moving from 1685-1675 creating choppiness in both in nifty and bank nifty. This in turn makes options very volatile. Break on either side is required.
2. ICICI bank came under profit booking. It has strong support at 985. resistance can be seen at 996. It can become bullish above 1002 for a tgt of 1010.
3. Reliance has support at 2471 levels. Any break of this will be beariah with a tgt of 2465. It is bullish above 2515.
ANALYSIS
1. Overall the market is still bullish but is under profit booking.
2. Bearish bets in Nifty can be taken below 19630 for a tgt of 19540.Bullish bets is possible above 19800.
3. Bullish bets in Bank Nifty is possible above 46250, while bearish bets can be taken only below 45820 levels.
3. Between the levels as above the markets may remain choppy and volatile as it happened today. Lot of traders got chopped off both ways including me trying to trade the range between 46050-45900.
TRAING PLAN
1. NIFTY OPEN FLAT : Any move to 19700 is a sell for a tgt of 19630 levels.
2. NIFTY OPEN GAP UP : Any gap up above 19750 and break out above 19800 is a buy. Tgt 19900.
3. NIFTY GAP DOWN: Any break of 19630 is bearish for a tgt of 19550 levels.
4.BANK NIFTY OPEN FLAT: Any move to 46100 is a sell for a tgt of 45900.
5. BANK NIFTY GAP UP: Any gap up above 46030 and break of 46110 is bullish for a tgt of 46250. Any dip to 46000 will be a buy.
6. BANK NIFTY OPEN GAP DOWN: Any open below 45830 and decisive break of 45700 is bearish for a tgt of 45550. However after gap down, if bank nifty recovers above 45840, then there is no trade till 46000. We can sell at 46000 for a tgt to 45830.
7. However market is slowly grinding down, not giving an opportunity to sell at higher levels due to sudden spikes.
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.
WORLD MARKETS
1. US Market is looking over bought but bullish. It is consolidating.
2. Asia and Europe is range bound with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. GIFT Nifty as of now is @19672.
2. India VIX is below 12 indicating still bullishness.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still in the 1675 - 1685 range. Till the time it is in the range, we cannot expect the market to go anywhere. Because it has the highest weightage in both Nifty and bank Nifty. It keep moving from 1685-1675 creating choppiness in both in nifty and bank nifty. This in turn makes options very volatile. Break on either side is required.
2. ICICI bank came under profit booking. It has strong support at 985. resistance can be seen at 996. It can become bullish above 1002 for a tgt of 1010.
3. Reliance has support at 2471 levels. Any break of this will be beariah with a tgt of 2465. It is bullish above 2515.
ANALYSIS
1. Overall the market is still bullish but is under profit booking.
2. Bearish bets in Nifty can be taken below 19630 for a tgt of 19540.Bullish bets is possible above 19800.
3. Bullish bets in Bank Nifty is possible above 46250, while bearish bets can be taken only below 45820 levels.
3. Between the levels as above the markets may remain choppy and volatile as it happened today. Lot of traders got chopped off both ways including me trying to trade the range between 46050-45900.
TRAING PLAN
1. NIFTY OPEN FLAT : Any move to 19700 is a sell for a tgt of 19630 levels.
2. NIFTY OPEN GAP UP : Any gap up above 19750 and break out above 19800 is a buy. Tgt 19900.
3. NIFTY GAP DOWN: Any break of 19630 is bearish for a tgt of 19550 levels.
4.BANK NIFTY OPEN FLAT: Any move to 46100 is a sell for a tgt of 45900.
5. BANK NIFTY GAP UP: Any gap up above 46030 and break of 46110 is bullish for a tgt of 46250. Any dip to 46000 will be a buy.
6. BANK NIFTY OPEN GAP DOWN: Any open below 45830 and decisive break of 45700 is bearish for a tgt of 45550. However after gap down, if bank nifty recovers above 45840, then there is no trade till 46000. We can sell at 46000 for a tgt to 45830.
7. However market is slowly grinding down, not giving an opportunity to sell at higher levels due to sudden spikes.
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.
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