PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 19 OCT 2023

18 Eki 2023

19 OCT 2023
WORLD MARKETS
1. US markets are looking bearish and all indices are trading in red.
2. Europe has closed 1 % down. Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX has increased due to isreal conflict.
2. GIFT Nifty is indicating 65 points down tick at @ 19620. This amounts to 200 points down tick at 43700 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank was trading in a range between 1542 - 1513. 1500 is a good sp, if it break this next tgt is 1495. 1526 is a strong resistance. Bullish bet can be taken above 1555.
2. ICICI Bank: 940 is a strong sp. Any break of 935 is bearish. 955 is a strong resistance.
3. Relaince has strong sp at 2314. 2340 is a strong resistance. Any break above 2370 is bullish.
ANALYSIS
1. Market is getting affected due to Isreal conflict escalating. This may have effect on Crude oil prices. This will have rippling effect on inflation.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19718 -19620: Sell any rally to 19750.
2. NIFTY OPEN ABOVE 19718: Wait for a break out above 19850.
3. NIFTY OPEN BELOW 19620 : Sell any rally to 19650 and break below 19600.
4.BANK NIFTY OPEN BETWEEN 44050 - 43750 : Sell any rally to 44200 and break below 44050.
5. BANK NIFTY OPEN ABOVE 44050: Wait for a break above 44200.
6. BANK NIFTY OPEN BELOW 43750: Sell any rally to 43900. Any break below 43600 can be sold into.
DISCLAIMER
I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGISTERED FINANCIAL ADVISOR FOR ANY TRADE RELATED QUERY. THE AUTHOR OF THIS ARTICLE HOLD NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.