PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 06 JUL 2023

5 ก.ค. 2023

06 Jul 2023
WORLD MARKETS
1. US is looking neutral with a bullish bias.
2. Europe and Asia is trading in negative for the past two days.

GIFT NIFTY AND INDIA VIX
1. Gift Nifty is trading flat with 7 points uptick.
2. India VIX is at 11.8 indicating volatility.
INDEX HEAVY WEIGHTS
1. HDFC Bank closed with 3.18% down tick while ICICI Bank rose 1.41%. This is big for a large cap stock.
2. The volatility in HDFC Bank and ICICI Bank may be due to merger adjustments.
3. HDFC Bank has resistance at 1695 levels. Support can be seen at 1660. HDFC Bank can turn positive only above 1701 levels.
4. ICICI Bank has support at 950. Resistance can be seen at 965. Any gap up above 965 will be positive.
5. Reliance is looking bearish. It has support at 2573. Any break of this level will be negative for Nifty Tgt 2564. Any gap up above 2594 will be positive and for a tgt of 2603 and 2618.
ANALYSIS
1. Tomorrow is expiry.
2. Indices are looking neutral to bullish. Today indices had been in a range and had few fake brake out/brake down trapping option buyers.
3. The indices movement now depends upon the ICICI Bank. HDFC Bank and Reliance are looking weak, whereas ICICI Bank is bullish supported by ITC and Heromoto and bajaj auto.
4. The move in two wheeler segment is mainly due to release of Harly Davidson 440 by Hero and Triumph 400 by Bajaj auto.
TRADING PLAN
1. NIFTY OPEN FLAT : Any dip to 19370 is a buy for a tgt of 19430.
2. NIFTY OPEN GAP UP : Any gap up to 19450 will be bullish for a tgt of 19520.
3. NIFTY OPEN GAP DOWN: Any gap down below 19350 will be negative. Tgt of 19300 -19250.
4. BANK NIFTY OPEN FLAT : Any move above 45350 will be positive for a tgt of 45500 -45650.
5. BANK NIFTY GAP DOWN: Any gap down to 45050 will be negative for a tgt of 44760.

I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY.