Good Morning and Welcome to the morning update for Banknifty, Nifty and other Indian Markets for 06 September 2023.
Market Sentiment for Today
Today, the stock markets in Asia are not doing so well. This is because Saudi Arabia and Russia have decided to keep producing less oil for the rest of the year, and this news has made investors worried.
In Japan, the Nikkei stock index is doing better, going up by 0.67 percent for the eighth day in a row. But in Australia, the S&P/ASX 200 index is going down by 0.46 percent because people are waiting for important economic data.
In Hong Kong, the Hang Seng index is down by 0.72 percent, and in Shanghai, the stock market is down by 0.52 percent. In South Korea, the Kospi index is also going down, but in Singapore and Taiwan, the stock markets are doing better.
Gift Nifty Today
In India, the Gift Nifty is not doing great either, going down by 4 points to 19666 levels. Overall, the Asian stock markets are showing that things might not be so good, and when the Indian stock market opens, it might also be in the red and be very unpredictable
Banknifty Technical Analysis for Today
Banknifty is trading at a perfect trendline on 15 minute time frame and have retested it 5 times. Now this level becomes very crucial for traders.
Based on technicals, traders should look for a short trade at this trendline level of 44550. Go for Long only above the 44700 Level for safe traders.
Banknifty Option Chain Data for Today
The PCR data is positive at 1.40 and India Vix is again at the lower level of 10. Overall if we see the option chain, then the data is quite sideways to bearish.
Trade Setup for Today
The only trade setup for today will be decided based on the trendline as shown in the screenshot above. Plan for downside support level of 44400 and 44300.
You can plan for breakout above 44700 only for the targets of 44900 which seems quite rare for today. If you want to stay safe then Strangle is recommended for the range of 44900 to 44200.
