PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 28 MAY 2024.
28 May 2024
WORLD MARKETS
1. All the world markets are looking bullish. But most of them are over sold and are consolidating.
INDIA VIX AND GIFT NIFTY
1. India VIX is up 6 % at 23 . The is showing in the high volatility we had today. This may continue till 05 Jun 2024.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank has made an inverted Hammer indicating exhaustion. However it has support at 1530. Any move above 1530 is bullish.
2. ICICI Bank has support at 1125. It is looking bullish.
3. Reliance has pulled back to 2930. It is a good support.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22997 AND 22867 : Any rally to 23000 is a sell. However if there is a consolidation between 23000 and 23100 and break above 23100, it is a buy.
2. NIFTY OPEN BELOW 22865: Sell any rally to 23000.
3. NIFTY OPEN ABOVE 22997: Wait for a consolidation and break above 23100 to buy.
4.BANK NIFTY OPEN BETWEEN 49460 - 49100 : NO TRADE. However any consolidation between 49100 - 49350 and break above 49350 is a buy.
5. BANK NIFTY OPEN ABOVE 49450: wait for consolidation and break above 49500.
6. BANK NIFTY OPEN BELOW 49100 : Any consolidation between 49250 - 49050 and break below 49000 is a sell.Tgt 48800.
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. All the world markets are looking bullish. But most of them are over sold and are consolidating.
INDIA VIX AND GIFT NIFTY
1. India VIX is up 6 % at 23 . The is showing in the high volatility we had today. This may continue till 05 Jun 2024.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank has made an inverted Hammer indicating exhaustion. However it has support at 1530. Any move above 1530 is bullish.
2. ICICI Bank has support at 1125. It is looking bullish.
3. Reliance has pulled back to 2930. It is a good support.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22997 AND 22867 : Any rally to 23000 is a sell. However if there is a consolidation between 23000 and 23100 and break above 23100, it is a buy.
2. NIFTY OPEN BELOW 22865: Sell any rally to 23000.
3. NIFTY OPEN ABOVE 22997: Wait for a consolidation and break above 23100 to buy.
4.BANK NIFTY OPEN BETWEEN 49460 - 49100 : NO TRADE. However any consolidation between 49100 - 49350 and break above 49350 is a buy.
5. BANK NIFTY OPEN ABOVE 49450: wait for consolidation and break above 49500.
6. BANK NIFTY OPEN BELOW 49100 : Any consolidation between 49250 - 49050 and break below 49000 is a sell.Tgt 48800.
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.