Nasdaq Down?? - Nifty & Bank Nifty Today? Pre Market Report & Analysis 08 June 2023, Range

Pre market report, premarket analysis, Indian stock market, Nifty, Bank Nifty, 08th June 2023, why nifty going to crash, will nifty fall, nifty movement today, nifty range, nifty target.

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Hello every one, this is the pre market report video for today
June 8th in the Indian stock market in terms of nifty and bank
nifty.
Yesterday, Nifty opened gap up of 66 points, which was then
followed by a range bound move for a couple of hours. This was
predominantly due to Bank Nifty which was trading almost flat
in the opening hours. However, in the second half, despite all
the European market down. Nifty got the additional push from
the HDFC bank. which made it pass through 18700 mark.
I mean 66 points positive opening itself very positive. It was
mainly supported by Reliance industries. As yesterday, US EIA
mentioned that they expect the oil price to over 80 usd per
barrel in the end of 2023.

Coming to technical,
Finally after five days of red candle, nifty forms short green one
with short upper and lower shadow with the higher bottom
formation clearly indicates further uptrend from the current
levels.
Technically, Nifty cleared the important resistance level – 18650,
thus it intensified the positive momentum. For the breakout
now, 18650 would be the key support level to watch out. Above
which, the market could rally till 18800-18875. On the flip side,
below 18650, uptrend would be vulnerable and below the same,
the index could retest the level of 18600-18550.
And one more thing, now The near-term bottom has shifted to
18,400 from the earlier band of 18,000 to 18,200.
In case of bank nifty, it forms a hanging man pattern, which is
not good, since it could be reversal.
I mean, Bank Nifty remained sideways following a positive start.
however The undertone is still bullish, maintaining the support
of 44000 in a spot. where a decent amount of Put writing is seen
and hurddle is still intact at 44500.
Maybe today, After the RBI policy today, it might move on either
side. so a decisive move 44500, we might see strong upside.
moving on, for nifty, from options change in open interest
There was a significant cal options unwind between 18500 to
18650 and good number of new put options added at above
18600.
So based on opening. 18600 to 18650 can act as is the
immediate support.
Then from overall options open interest data, still 18800 got the
maximum call options followed by 18900.

So 18800 is the immediate resistance and 18900 is strong
resistance
Then coming to bank nifty
based on overall open interest data
The maximum cal option open interest is present at 44500,
So 44500 is the resistance to break.
Regarding put option open interest, 43500 is the mark that got
significant put options without cal option open intrest.
Thus 43500 is the immediate support
So that’s all in this video.