PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 13 MAY 2024
13 MAY 2024
WORLD MARKETS
1. US and Europe are looking bullish while Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is @18.5 indicating high volatility. we may see a consolidation for a day or two with a negative bias.
2. GIFT Nifty is indicating a 73 points down tick at 22000. This amounts to 47200 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank looks oversold in 1 Hour chart. So a move towards 1460 cannot be ruled out. However 1430 seems to be a good support.
2.ICICI Bank has pulled back to 21 SMA . 1090 is a good support whereas 1116 - 1122 is a strong resistance.
3. reliance is bearish and it has resistance at 2830 levels.
ANALYSIS
1. Nifty is trying to hold onto 22000 - 21900 whereas Bank Nifty is getting support at 48200 levels. Any break of these levels will give a good risk reward ratio on downside.
Till that time, Nifty can move between 22400 - 22000 and Bank Nifty 48750 - 48250 levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22100 - 22000 : No trade.
2. NIFTY OPEN ABOVE 22100 : Wait for a consolidation and break above 22160
3.NIFTY OPEN BELOW 22000: Wait for a break below 21900.
4.BANK NIFTY OPEN BETWEEN 47600 - 47250 : NO TRADE.
5.BANK NIFTY OPEN ABOVE 47600: Buy any break out above 47850. However any weakness at 47850 and break below 47600 is a sell. Target 47200.
6.BANK NIFTY OPEN BELOW 47250: Sell any rally to 47550.
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 and Europe are looking bullish while Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is @18.5 indicating high volatility. we may see a consolidation for a day or two with a negative bias.
2. GIFT Nifty is indicating a 73 points down tick at 22000. This amounts to 47200 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank looks oversold in 1 Hour chart. So a move towards 1460 cannot be ruled out. However 1430 seems to be a good support.
2.ICICI Bank has pulled back to 21 SMA . 1090 is a good support whereas 1116 - 1122 is a strong resistance.
3. reliance is bearish and it has resistance at 2830 levels.
ANALYSIS
1. Nifty is trying to hold onto 22000 - 21900 whereas Bank Nifty is getting support at 48200 levels. Any break of these levels will give a good risk reward ratio on downside.
Till that time, Nifty can move between 22400 - 22000 and Bank Nifty 48750 - 48250 levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22100 - 22000 : No trade.
2. NIFTY OPEN ABOVE 22100 : Wait for a consolidation and break above 22160
3.NIFTY OPEN BELOW 22000: Wait for a break below 21900.
4.BANK NIFTY OPEN BETWEEN 47600 - 47250 : NO TRADE.
5.BANK NIFTY OPEN ABOVE 47600: Buy any break out above 47850. However any weakness at 47850 and break below 47600 is a sell. Target 47200.
6.BANK NIFTY OPEN BELOW 47250: Sell any rally to 47550.
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.