PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 18 APR 2024
18 APR 2024
WORLD MARKETS
1. US and Europe has turned bearish and Asia is also looking bearish.
2. This may be due to escalating tension between Israel and Iran.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 12 at 12.6. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank took support at 21 SMA and it has resistance at 1523. However the volumes were not good.
2. ICICI Bank has closed below 1075. So 1075 will be a very strong resistance. 1060 is a good support.
3. Reliance is choppy and is sell on rally. Resistance can be seen at 2950.
ANALYSIS
1. World Indices have turned bearish. This will definitely going to affect Indian Markets as Index heavy weights are showing weakness. Also Tomorrow is Nifty Expiry.
2. Bank Nifty has taken support at 200 SMA in 1 hr chart. If this sustain, we may see a move to 47940 levels. In that case Nifty may move towards 22200 levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22186 - 22100 : Sell any weakness below 22150. SL 22200. Look for weakness in Bank Nifty also.
2. NIFTY OPEN ABOVE 22186 : Wait for a consolidation and break above 22200. Target 22280.
3.NIFTY OPEN BELOW 22100: Sell any rally to 22150.
4. BANK NIFTY OPEN BETWEEN 47561 - 47400 : NO TRADE.
5. BANK NIFTY OPEN ABOVE 47570: Wait for a consolidation and break out above 47700. target 47940.
6. BANK NIFTY OPEN BELOW 47400 : Wait for a consolidation and break below 47300 decisively. However accumulate shorts in small quantity for every rise to 47500 - 47550 levels.
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGSITERED FINANCIAL ANALYST FOR ANY TRADE RELATED QUERY. THE AUTHOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.
WORLD MARKETS
1. US and Europe has turned bearish and Asia is also looking bearish.
2. This may be due to escalating tension between Israel and Iran.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 12 at 12.6. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank took support at 21 SMA and it has resistance at 1523. However the volumes were not good.
2. ICICI Bank has closed below 1075. So 1075 will be a very strong resistance. 1060 is a good support.
3. Reliance is choppy and is sell on rally. Resistance can be seen at 2950.
ANALYSIS
1. World Indices have turned bearish. This will definitely going to affect Indian Markets as Index heavy weights are showing weakness. Also Tomorrow is Nifty Expiry.
2. Bank Nifty has taken support at 200 SMA in 1 hr chart. If this sustain, we may see a move to 47940 levels. In that case Nifty may move towards 22200 levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22186 - 22100 : Sell any weakness below 22150. SL 22200. Look for weakness in Bank Nifty also.
2. NIFTY OPEN ABOVE 22186 : Wait for a consolidation and break above 22200. Target 22280.
3.NIFTY OPEN BELOW 22100: Sell any rally to 22150.
4. BANK NIFTY OPEN BETWEEN 47561 - 47400 : NO TRADE.
5. BANK NIFTY OPEN ABOVE 47570: Wait for a consolidation and break out above 47700. target 47940.
6. BANK NIFTY OPEN BELOW 47400 : Wait for a consolidation and break below 47300 decisively. However accumulate shorts in small quantity for every rise to 47500 - 47550 levels.
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGSITERED FINANCIAL ANALYST FOR ANY TRADE RELATED QUERY. THE AUTHOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.