PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 09 SEP 2023

7 Eyl 2023

08 Sep 2023
What a rally after the break of 44620. Anyone who followed the levels as per yesterday must be smiling. Almost 300 points in 44500 CE.
WORLD MARKETS
1. World markets are looking neutral to choppy..
2. Actually India is not following world markets at all. It has turned bullish now.
INDIA VIX AND GIFT NIFTY.
1. India VIX is at 10.9 which is below 11 and bullish.
2. GIFT Nifty is showing a flat opening.
INDIEX HEAVY WEIGHTS
1.HDFC Bank as predicted gave a rally post the break out of 1604 levels. The next tgt is 1628 levels. Any dip in HDFC Bank is a buy.
2. ICICI Bank on the other hand is still in a range. Today it supported the rally by moving from the bottom end of the range upwards.
3. Reliance is turning bullish but is still consolidating. Any move above 2456 is bullish. 2400 still remains a strong support.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19777 - 19680 : Buy any dip to 19680 levels.
2. NIFTY OPEN ABOVE 19780: Wait for a breakout above 19835.
3. NIFTY OPEN BELOW 19680: Wait for a breakdown of 19500 levels.
4. BANK NIFTY OPEN BETWEEN 45020 - 44720: Buy any dip to 44700 levels.
5. BANK NIFTY OPEN ABOVE 45020 : Buy any consolidation between 44900 - 45020 and further breakout.
6.BANK NIFTY OPEN BELOW 44720: Wait for a breakdown of 44600 levels.
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY.PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR BEFORE TAKING ANY TRADE. THE ORIGINATOR OF THIS ARTICLE WILL NOT BE RESPONSIBLE FOR ANY TRADE TAKEN BY YOU.