PREMARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 13 SEP 2023

13 Eyl 2023

13 Sep 2023
WORLD MARKETS
1. world markets are consolidating with a bearish bias.
GIFT NIFTY AND INDIA VIX
1. India VIX is above 11 at 11.6 indicating high volatility.
2. GIFT Nifty is indicating a flat opening. So we may see a range bound market today.
INDEX HEAVY WEIGHTS
1. HDFC Bank has made a hammer. Aconfirmation of that will be bearish for HDFC Bank. 1645 is a strong resistance. Break of 1626 which is a good support will be bearish.
2.ICICI Bank has strong resistance at 995. 1002 is a ll time high. 986 is a good sp. Break of 983 will be bearish.
3. Reliance has made a bearish engulfing pattern. 2485 is strong resistance. Any move below2461 is a sell. 2425-2415 is a good sp area.
ANALYSIS
1. World markets are consolidating with a bearish bias.
2. Index heavy weights after sustained run may consolidate.
3. Indices are looking bullish but need a breather /consolidation before it makes an up move.
TRADING PLAN
1.NIFTY OPEN BETWEEN 20040 - 19936: Any dip to 19900 is a buy. Break of 19900 will be bearish.
2. NIFTY OPEN ABOVE 20040: Any dip to 20000 is a buy.
3.NIFTY OPEN BELOW 19930: wait for a break of 19885 levels.
4.BANK NIFTY OPEN BETWEEN 45660 - 45360: This is a large gap. So Any dip to 45350 will be a buy. While Any Move to 45600 will be a sell.
5.BANK NIFTY OPEN ABOVE 45660 : Buy Any dip to 45500.
BANK NIFTY OPEN BELOW45360 : Sell Any rally to 45400 and break below 45360.
I AM NOT A SEBI REGISTERED TRADER THIS INFORMATION IS FOR EDUCATIONAL PURPOSES. PLEASE CONSULT YOUR REGISTERED FIANANCIAL ADVISOR FOR ANY TRADE RELATED QUERY. THE ORIGINATOR OF THIS ARTICLE TAKE NO LIABILITY FOR ANY TRADE TAKEN BUY YOU.