PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 10 APR 2024
10 APR 2024
WORLD MARKETS
1.US Markets are consolidating with a bearish bias.
2. Europe is consolidating with a bullish bias and Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is well below 12 indicating further bullishness. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFCBank is facing resistance at 200 SMA as explained yesterday. However it is just a matter of time it will break out of the range. Any break of 1534 will be bearish for short term.
2. ICICI Bank has turned bullish and has broken above 1090 and 1100 is a resistance.
3. Reliance lost all its gains of yesterday. It has turned choppy. May be an index management as Infosys was up 2.5% in the morning session before settling at 1.23 %
ANALYSIS
1. Tomorrow will be both Nifty and Bank Nifty expiry. We may see lot of volatility. 11 APR IS A HOLIDAY.
2. I will expect a range bound market tomorrow. However any dip will be a buy.
3. For Nifty to trend up , Reliance, HDFC bank or ICICI Bank has to perform. For Bank Nifty to perform HDFC & ICICI has to perform.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22687 - 22600 : STRICTLY NO TRADE.
2. NIFTY OPEN ABOVE 22700 : Wait for a consolidation and decisive break above 22730. however any dip to 22650 and move above 22670 can be accumulated.
3. NIFTY OPEN BELOW 22600 : Sell any consolidation and break below 22550 decisively.
4.BANK NIFTY OPEN BETWEEN 48625 -48840 : Accumulate any dip to 48650 levels. Sell any rally to 48900 levels.
5.BANK NIFTY OPEN ABOVE 48840 : Wait for a consolidation and break above 48900.
6. BANK NIFTY OPEN BELOW 48625 : Sell any consolidation and break below 48500 decisively. However any rally to 48700 can be sold into.
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 consolidating with a bearish bias.
2. Europe is consolidating with a bullish bias and Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is well below 12 indicating further bullishness. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFCBank is facing resistance at 200 SMA as explained yesterday. However it is just a matter of time it will break out of the range. Any break of 1534 will be bearish for short term.
2. ICICI Bank has turned bullish and has broken above 1090 and 1100 is a resistance.
3. Reliance lost all its gains of yesterday. It has turned choppy. May be an index management as Infosys was up 2.5% in the morning session before settling at 1.23 %
ANALYSIS
1. Tomorrow will be both Nifty and Bank Nifty expiry. We may see lot of volatility. 11 APR IS A HOLIDAY.
2. I will expect a range bound market tomorrow. However any dip will be a buy.
3. For Nifty to trend up , Reliance, HDFC bank or ICICI Bank has to perform. For Bank Nifty to perform HDFC & ICICI has to perform.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22687 - 22600 : STRICTLY NO TRADE.
2. NIFTY OPEN ABOVE 22700 : Wait for a consolidation and decisive break above 22730. however any dip to 22650 and move above 22670 can be accumulated.
3. NIFTY OPEN BELOW 22600 : Sell any consolidation and break below 22550 decisively.
4.BANK NIFTY OPEN BETWEEN 48625 -48840 : Accumulate any dip to 48650 levels. Sell any rally to 48900 levels.
5.BANK NIFTY OPEN ABOVE 48840 : Wait for a consolidation and break above 48900.
6. BANK NIFTY OPEN BELOW 48625 : Sell any consolidation and break below 48500 decisively. However any rally to 48700 can be sold into.
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.