PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 24 APR 2024
24 APR 2024
WORLD MARKETS
1. US markets are looking bearish. Europe has pulled back while Asia is neutral to bullish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX crashed 20 % and is at 10 levels which is again the support. If VIX starts increasing now, we may see some downside. However if VIX stay at 11, then we may see further bullishness.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating between 1490 - 1524 with a negative bias. 1490 is a good sp.
2. ICICI Bank even though opened at the high of the day but closed near to 1090. It agin has good sp at 1076.
3. Reliance as discussed came in for profit booking post result. It again has support at 2910 levels.
4. Also most of the stocks may be reacting to the monthly expiry week also.
ANALYSIS
1. Nifty opened at the high of the day but closed in red. But it is above 22350.
2. Bank Nifty again opened at the high of the day but closed in red at 47970.
3. 22400 and 48000 seems to be very good resistance. 22100 and 47300 will be a good support.
4. Option sellers have been making profits for the past 2 days.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22340 - 22400 :NO TRADE. Wait for a break out above 22422 levels.
2. NIFTY OPEN ABOVE 22422: Wait for a consolidation between 22350 - 22430 and break above 22430.
3.NIFTY OPEN BELOW 22340. Wait for a consolidation and break above 22350 to buy. However if the Nifty show weakness, sell any break of 22300. High risk trade.
4. BANK NIFTY OPEN BETWEEN 47850 - 48100 : NOTRADE.
5.BANK NIFTY OPEN ABOVE 48100 : Wait for a consolidation between 48000 - 48100. Buy any break out above 48150.
6.BANK NIFTY OPEN BELOW 47850: Wait for any consolidation and break below 47750 decisively. Tgt 47400. Also any rally to 48000 can be sold into in small qty repeateadly.
DISCLAIMER
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 markets are looking bearish. Europe has pulled back while Asia is neutral to bullish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX crashed 20 % and is at 10 levels which is again the support. If VIX starts increasing now, we may see some downside. However if VIX stay at 11, then we may see further bullishness.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating between 1490 - 1524 with a negative bias. 1490 is a good sp.
2. ICICI Bank even though opened at the high of the day but closed near to 1090. It agin has good sp at 1076.
3. Reliance as discussed came in for profit booking post result. It again has support at 2910 levels.
4. Also most of the stocks may be reacting to the monthly expiry week also.
ANALYSIS
1. Nifty opened at the high of the day but closed in red. But it is above 22350.
2. Bank Nifty again opened at the high of the day but closed in red at 47970.
3. 22400 and 48000 seems to be very good resistance. 22100 and 47300 will be a good support.
4. Option sellers have been making profits for the past 2 days.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22340 - 22400 :NO TRADE. Wait for a break out above 22422 levels.
2. NIFTY OPEN ABOVE 22422: Wait for a consolidation between 22350 - 22430 and break above 22430.
3.NIFTY OPEN BELOW 22340. Wait for a consolidation and break above 22350 to buy. However if the Nifty show weakness, sell any break of 22300. High risk trade.
4. BANK NIFTY OPEN BETWEEN 47850 - 48100 : NOTRADE.
5.BANK NIFTY OPEN ABOVE 48100 : Wait for a consolidation between 48000 - 48100. Buy any break out above 48150.
6.BANK NIFTY OPEN BELOW 47850: Wait for any consolidation and break below 47750 decisively. Tgt 47400. Also any rally to 48000 can be sold into in small qty repeateadly.
DISCLAIMER
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.