Nifty & Bank Nifty Today? Pre Market report, Analysis & Prediction - 24 May 2023

Pre market report, premarket analysis, Indian stock market, Nifty, Bank Nifty 24May 2023, why nifty going to crash, will nifty fall, nifty movement today, nifty range, nifty target.

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Hello everyone. this is the pre market report video for today May 24th in the Indian stock market in terms of nifty and bank nifty.

Coming to technical,

Yesterday, nifty opened gap up of 50 points and climbed up to 18,420 intraday, but the last hour profit booking in wiped out some gains.

Thus it forms small red candle with the huge upper shadow and small lower shadow.

Now here, this candle is formed after a series of consecutive candles with higher highs and in the uptrend.

So, this formation is called shooting star candle.

The psychology behind this candle is that the long upper shadow represents the buyers who bought during the day but are now in a losing position because the price dropped back to the open.

Its kind of indicating a potential price top and reversal.

Now, if the next candle's high stayed below the high of this candle and it closed below the close. Then it would confirm the price reversal and indicates the more fall to continue.

So that’s candlestick analysis.

However, nifty continued higher high, higher low formation for second straight session which is a positive sign. So if the nifty consolidates and sustains above 18,300, then further upmove towards 18,500 can't be ruled out.

On the other hand, selling pressure is likely to increase below 18,300 and Nifty could decline until 18,200–18,175.



Then in case of bank nifty, it opened marginally positive but continued its consolidation in a narrow range of 150 points for most part of the day.

Thus, on the daily chart, it forms the short red candle that's vertically centered between the upper and lower shadows.

This formation is called spinning top candle. Which indicating the indecisiveness among the price movement.

Now here, bank nifty has to hold above 43,750 levels for an up move towards 44,144, then 44,250 levels.

Moving on, for nifty, based on change in option open interest, significant cal option unwound at below 18300. And maximum new put option addition is also at 18300. Thus 18300 is the immediate support.

Then based on overall option open interest, 18000 got the maximum put option followed by 18200. Thus 18200 can be a good strong support today.

Similarly, 18500 and followed by 18400 got the maximum near by cal option open interest. Thus 18400 is the immediate resistance whereas 18500 is the strong resistance.

In case of banknifty, its same for last two days, no change.

44000 got the huge short straddle.

Then 43000 got the maximum near by put option open interest followed by 43500.

Hence 43500 is the immediate support and 43000 is the strong support for the expiry. Whereas 44500 is the resistance to break.

So that’s all in this video.