PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 14 MAY 2024
14 May 2024
WORLD MARKETS
1. World Markets are looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 20 indicating a very high volatility.
2. GIFT Nifty is indicating 80 point uptick at 22180 . This amounts tp 48000 in Bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank as expected pulled back from 1420 levels. 1464 is a strong resistance. Any move above 1465 is bullish.
2. ICICI Bank has support at 1120. It has resistance at 1140.
3. Reliance has resistance at 2830.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22020 - 22185: Any dip to 22050 and move above 22140 is bullish.
2. NIFTY OPEN ABOVE 22104 : Wait for a break above 22200 decisively. However any dip to 22140 is a buy. If after consolidation if the break happen below 22100, then it is a sell.
NIFTY OPEN BELOW 22000: Sell any rally to 22100 and break below 22000.
4.BANK NIFTY OPEN BETWEEN 47500 - 47990: Any dip to 47600 and move above 47850 is a buy.5.BANK NIFTY OPEN ABOVE 48000: Any dip to 47800 is a buy.
6. BANK NIFTY OPEN BELOW 47500 : Sell any rally to 47750.
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 is above 20 indicating a very high volatility.
2. GIFT Nifty is indicating 80 point uptick at 22180 . This amounts tp 48000 in Bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank as expected pulled back from 1420 levels. 1464 is a strong resistance. Any move above 1465 is bullish.
2. ICICI Bank has support at 1120. It has resistance at 1140.
3. Reliance has resistance at 2830.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22020 - 22185: Any dip to 22050 and move above 22140 is bullish.
2. NIFTY OPEN ABOVE 22104 : Wait for a break above 22200 decisively. However any dip to 22140 is a buy. If after consolidation if the break happen below 22100, then it is a sell.
NIFTY OPEN BELOW 22000: Sell any rally to 22100 and break below 22000.
4.BANK NIFTY OPEN BETWEEN 47500 - 47990: Any dip to 47600 and move above 47850 is a buy.5.BANK NIFTY OPEN ABOVE 48000: Any dip to 47800 is a buy.
6. BANK NIFTY OPEN BELOW 47500 : Sell any rally to 47750.
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.