Gap Up??? Nifty & Bank Nifty Today? Pre Market report, Analysis and Range - 23 May 2023, Prediction

Pre market report, premarket analysis, Indian stock market, Nifty, Bank Nifty 23May 2023, why nifty going to crash, will nifty fall, nifty movement today, nifty range, nifty target.

TRAI released the march month subscription report.

https://www.trai.gov.in/sites/default/files/PR_No.46of2023_0.pdf

RBI economic bulletin: -

https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/0RBIBULLETINMAY20230604137E743A4185941C34B29400E35C.PDF



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Hello everyone. this is the pre market report video for today May 23rd in the Indian stock market in terms of nifty and bank nifty

yesterday. Nifty opened flat, but within 45 mins it added over 85 points and throughout the day. it maintained that positivity.


Here the bank weekness might be due to couple of reason.

First. As we know, bank nifty is trading very close to all time high.

Sector wise, its just private bank didn’t do good, whereas metal index was up 3 percent, IT increased 2 percent, while capital goods, oil & gas and healthcare indices were up 1 percent each.

The advance -decline ratio was 1:1.

About institution activity, after one day of selling, FII again turned net buyers. They net bought for near 920 crore rupees. While dii too net bought for near 600 crore rupees.



Coming to technical,

On daily chart, if we see the last three days, it consists of large down candle which signifies the large sell off, followed by a smaller up cnadle and that was contained within the prior down candle, and then another up candle that closed above the close of the second candle.

Thus nifty forms the Three Inside Up pattern formation.

Here the second candle indicates the trend reversal and The third candle completes a bullish reversal.

Basically, Nifty nullified last week’s four consecutive lower highs and lower lows formation

Which means, as per candle stick analysis, market back to its positive momentum.



Hence, considering the momentum, if Nifty sustains the 18,300 mark, then 18,400-18,500 are the next levels to watch.

Also, Just be aware, at present, the Fibonacci retracement level is at 18350 to 18375.

So there are back to back different hurdle in the upside.

Then in terms of bank nifty,

And also, at present, bank nifty is stuck between 43,700 and 44,150 levels from the past Six sessions.

So closing decisive above or below will decide the trend. At present, its very indecisive.

In terms of moving average and technical indicator summary, in daily chart, both nifty and bank nifty moves above all the moving averages. Thus both now a strong buy signal.

Moving on, for nifty, based on change in option open interest, significant cal options were unwound at below 18200.

And at the same place, 18200, new maximum put options were added. Thus 18200 is the immediate support to look out.

Similarly, if we see the overall option open interest,

18000 is the next nearby maximum put option open interest after 18200. So 18000 is the support to look out for the expiry.

On the higher side, 18300 got the significant short straddle, then 18500 got maximum cal option open interest and followed by 18400.

Thus 18400 is the immidate resistance and 18500 is the strong resistance.

In case of bank nifty, from overall option open intrest, , there is no change in story compare to last Friday.

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