PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 20 JUN 2024
20 JUN 2024
WORLD MARKETS
1. World markets are looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX has risen by 5 % but still below 15.
2. GIFT Nifty as of now is indicating a flat start.
INDEX HEAVY WEIGHTS
1. HDFC Bank has support at 1650.
2. ICICI Bank has turned bullish and has support at 1135. It may continue its out performance tomorrow.
3. Reliance was used to manage the Nifty very well and has ensured that Nifty stay at 23500. It has good support at 2910. Resistance can be seen at 2925.
ANALYSIS
1. HDFC Bank and ICICI Bank took Bank nifty up 950 points.
2. Reliance balanced out the outperformance in Bank Nifty by closing 1.5% down.
3. Indices may consolidate tomorrow. Bank Nifty with a positive bias. and Nifty with a negative bias.
4. Will be difficult to trade tomorrow.
5. Those who made profit better to stay away tomorrow and take a break.
TRADING PLAN
1. NIFTY OPEN BETWEEN 23447 AND 23585: NO TRADE.
2.NIFTY OPEN ABOVE 23580 : Wait for a consolidation and decisive break above 23600. However any dip can be bought into.
3.NIFTY OPEN BELOW 23447: Wait for a consolidation and break above 23530 decisively.
4.BANK NIFTY OPEN BETWEEN 50984 - 51810 : Buy any dip to 51000 and break above 51230 decisively.
5.BANK NIFTY OPEN ABOVE 51984: Sell any weakness at 52000 and break below 51800 decisively.
6. BANK NIFTY OPEN BELOW 51980: Wait for a consolidation and break above 51250 levels.
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. World markets are looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX has risen by 5 % but still below 15.
2. GIFT Nifty as of now is indicating a flat start.
INDEX HEAVY WEIGHTS
1. HDFC Bank has support at 1650.
2. ICICI Bank has turned bullish and has support at 1135. It may continue its out performance tomorrow.
3. Reliance was used to manage the Nifty very well and has ensured that Nifty stay at 23500. It has good support at 2910. Resistance can be seen at 2925.
ANALYSIS
1. HDFC Bank and ICICI Bank took Bank nifty up 950 points.
2. Reliance balanced out the outperformance in Bank Nifty by closing 1.5% down.
3. Indices may consolidate tomorrow. Bank Nifty with a positive bias. and Nifty with a negative bias.
4. Will be difficult to trade tomorrow.
5. Those who made profit better to stay away tomorrow and take a break.
TRADING PLAN
1. NIFTY OPEN BETWEEN 23447 AND 23585: NO TRADE.
2.NIFTY OPEN ABOVE 23580 : Wait for a consolidation and decisive break above 23600. However any dip can be bought into.
3.NIFTY OPEN BELOW 23447: Wait for a consolidation and break above 23530 decisively.
4.BANK NIFTY OPEN BETWEEN 50984 - 51810 : Buy any dip to 51000 and break above 51230 decisively.
5.BANK NIFTY OPEN ABOVE 51984: Sell any weakness at 52000 and break below 51800 decisively.
6. BANK NIFTY OPEN BELOW 51980: Wait for a consolidation and break above 51250 levels.
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.