PRE MARKET ANALYSIS FOR NIFTY NAD BANK NIFTY FOR 09 JUN 2023

08 Jun 2023
WORLD MARKETS
1. World markets are consolidating with a bullish bias.
INDIA VIX AND SGX NIFTY
1. India VIX is at 11.2 indicating low volatility. SGX Nifty is indicating a flat opening as of now at 18726 Fut and 18604 spot.
INDEX HEAVY WEIGHTS.
1. HDFC Bank as discussed took resistance at 1625 - 1630 range and closed at 1608. But it is still above 1600 which is a good support. 1615 - 1620 remain a resistance.
2. ICICI Bank again took resistance at 950 and settled at 938 which is above crucial support of 935.
3. I feel both the banks went for profit booking.
4. Reliance however held on and has closed at 2500 level. It is still looking bullish.
ANALYSIS
1. RBI came up with no hike in repo rate as expected due to low inflation but maintained a hawkish view, because canada and some european countries have increased repo rate due to high inflation. This will have an impact on export oriented sectors.
2. Nifty has taken support at 18600. Any break of 18600 will be bearish for a tgt of 18500. If Nifty gap up above 18662 and sustain, then we may again see 18700.

3. Bank Nifty also has good support at 44000 - 43920. Any break of 43900 will be bearish with a tgt of 43700. It has resistance at 44150. Any weakness at 44145 will be bearish for a tgt of 43920. However if Bank Nifty gap open above 44150 and sustain, we may see 44380 levels.
I AM NOT A SEBI REGISTERED TRADER. THIS INFO IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT A REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERIES.