PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 01 JULY 2024
WORLD MARKETS
1. World markets are looking neutral to positive .
INDIA VIX AND GIFT NIFTY: India VIX is below 15 indicating buy on dip scenario.
Gifty Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS:
1. HDFC Bank is constantly pushing up and is consolidating at 1700 -1650 levels. However 1693 remain a strong resistance
2. ICICI Bank may pull back to 1170 levels. 1190 is a strong support.
3. Reliance has good support at 3100.
ANALYSIS
1. Indices are still buy on dips with good traction from all the index heavy weights.
2. However a pull back cannot be ruled out to 23400 in nifty and 51500 in bank nifty.
TRADING PLAN
1.NIFTY OPEN BETWEEN 24060 - 23950 : No Trade. However any consolidation can be accumulated FOR LONG.
2.NIFTY OPEN ABOVE 24060 : Any dip to 24000 levels can be accumulated.
3. NIFTY OPEN BELOW 23950: Wait for a consolidation and break below 23850 decisively. However shorts can be accumulated for any repeated rally to 24000.
4.BANK NIFTY OPEN BETWEEN 52560 - 52121: Accumulate shorts for any rally to 52680 and break below 52500.
5. BANK NIFTY OPEN ABOVE 52650: Any consolidation and break above 52700 can be bought for a short term tgt of 53000. Risk reward may not be good.
6.BANK NIFTY OPEN BELOW 52125: Any consolidation between 52150 - 51850 and break above 52250 is a buy. Any break below 51500 is a sell.
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.
1. World markets are looking neutral to positive .
INDIA VIX AND GIFT NIFTY: India VIX is below 15 indicating buy on dip scenario.
Gifty Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS:
1. HDFC Bank is constantly pushing up and is consolidating at 1700 -1650 levels. However 1693 remain a strong resistance
2. ICICI Bank may pull back to 1170 levels. 1190 is a strong support.
3. Reliance has good support at 3100.
ANALYSIS
1. Indices are still buy on dips with good traction from all the index heavy weights.
2. However a pull back cannot be ruled out to 23400 in nifty and 51500 in bank nifty.
TRADING PLAN
1.NIFTY OPEN BETWEEN 24060 - 23950 : No Trade. However any consolidation can be accumulated FOR LONG.
2.NIFTY OPEN ABOVE 24060 : Any dip to 24000 levels can be accumulated.
3. NIFTY OPEN BELOW 23950: Wait for a consolidation and break below 23850 decisively. However shorts can be accumulated for any repeated rally to 24000.
4.BANK NIFTY OPEN BETWEEN 52560 - 52121: Accumulate shorts for any rally to 52680 and break below 52500.
5. BANK NIFTY OPEN ABOVE 52650: Any consolidation and break above 52700 can be bought for a short term tgt of 53000. Risk reward may not be good.
6.BANK NIFTY OPEN BELOW 52125: Any consolidation between 52150 - 51850 and break above 52250 is a buy. Any break below 51500 is a sell.
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.