PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 21 MAY 2024
20 MAY 2024
WORLD MARKETS
1. US and Europe markets are very bullish. Asia is mixed.
GIFT NIFTY AND INDIA VIX
1. GIFT Nifty is indicating a positive start.
2. India VIX is above 20 indicating continuation of volatility.
INDEX HEAVY WEIGHTS
1. HDFC Bank has closed above 1466 indicating more bullishness. It has good support at 1460. However 1468 remains a strong resistance.
2. ICICI Bank has also turned bullish after closing above 1130 level. 1134 remain a strong resistance.
3. Reliance on the other hand has good resistance at 2876. Any break of this may turn nifty bullish.
TRADING PLAN.
1. NIFTY OPEN BETWEEN 22485 AND 22514 : No Trade.
2. NIFTY OPEN ABOVE 22520: Wait for a consolidation and break above 22530.
3. NIFTY OPEN BELOW 22485: Wait for a break below 22450 to go short.
4. BANK NIFTTY OPEN BETWEEN 48165 - 48232 : No trade.
5.BANK NIFTY OPEN ABOVE 48232 : Wait for a consolidation and break above 48265.
6.BANK NIFTY OPEN BELOW 48165: Wait for a break below 48080. However any rally to 48200 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 and Europe markets are very bullish. Asia is mixed.
GIFT NIFTY AND INDIA VIX
1. GIFT Nifty is indicating a positive start.
2. India VIX is above 20 indicating continuation of volatility.
INDEX HEAVY WEIGHTS
1. HDFC Bank has closed above 1466 indicating more bullishness. It has good support at 1460. However 1468 remains a strong resistance.
2. ICICI Bank has also turned bullish after closing above 1130 level. 1134 remain a strong resistance.
3. Reliance on the other hand has good resistance at 2876. Any break of this may turn nifty bullish.
TRADING PLAN.
1. NIFTY OPEN BETWEEN 22485 AND 22514 : No Trade.
2. NIFTY OPEN ABOVE 22520: Wait for a consolidation and break above 22530.
3. NIFTY OPEN BELOW 22485: Wait for a break below 22450 to go short.
4. BANK NIFTTY OPEN BETWEEN 48165 - 48232 : No trade.
5.BANK NIFTY OPEN ABOVE 48232 : Wait for a consolidation and break above 48265.
6.BANK NIFTY OPEN BELOW 48165: Wait for a break below 48080. However any rally to 48200 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.