PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 15 SEP 2023

14 Eyl 2023

15 sep 2023
WORLD MARKTS
1. US and Europe markets are neutral to bearish. Asia has turned bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is comfortable at 11 and looking bullish. and GIFT Nifty is indicating a muted opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is bullish but consolidating . The range is 1650 - 1630 levels. 1650 is a strong resistance. Any break on either side will give directional move to Bank nifty and Nifty.
2.ICICI Bank is also trading in a range between 995- 980 levels. 970 is a good support. 995 is a strong resistance.
3. Relaince is consolidating with a bearish bias.
The range is2420 -2465. Any break of this range will give directional move to Nifty.
ANALYSIS
1. Index heavy weights and indices consolidated witha bullish bias after a 7 day sustained up move. The market tomorrow may also consolidate. Consolidation is also good for market.
3. We may expect some retracement to lower levels also. However risk reward may not be good to go short.
TRADING PLAN
1. NIFTY OPEN BETWEEN 20137 - 20065 : Wait for a break out above 20150 or break down below 19970 levels.
2.NIFTY OPEN ABOVE 20150: Wait for a consoolidation and break above 20180 levels.
3. NIFTY OPEN BELOW 20065: Wait for a break below 19970 levels.
4.BANK NIFTY OPEN BETWEEN 46100 - 45900. Any dip to 45900 is a buy. Also if the market break above 46100 decisively, it is a buy.
5.BANK NIFTY OPEN ABOVE 46100 : Wait for a consolidation and break above 46200 levels.
6.BANK NIFTY OPEN BELOW 45900: Wait for a decisaive break below 45800 tgt 46500.Any move to 46000 and break below 45900 can also be tradeed short.

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 ORIGINATOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY YOU.