PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 23 APR 2024
23 APR 2024
WORLD MARKETS
1. US markets are still bearish. Europe has pulled back and consolidating at 50 EMA while Asia is looking positive.
INDIA VIX AND GIFT NIFTY.
1. India VIX today crashed 5.63% after facing resistance at 14 as explained. So we saw some bullish move today at the end of the session. One could have held on to their long position, but due to market uncertainty, I usually wait for a set up next morning and forgo the over night moves.
2. GIFT Nifty is indicating a flat opening for tomorrow.
INDEX HEAVY WEIGHTS
1. HDFC Bank opened gap up but took resistance at 200 SMA and was down 1,25%. It has support at 1500, while 1522 is a resistance. If it sustain above 1522, again we can see a rally to 1550 levels.
2. ICICI Bank sustained above 1075 and closed at 1085. Again 1095 remains a strong resistance.
3. Reliance has come up with good result so It may gap open taking Nifty along with it. Have to see if there is going to be profit booking like HDFC Bank post result.
ANALYSIS
1. We had discussed that indices shall remain positive.
2. Bank Nifty could have crossed 48000, but as you can see ICICI Bank and HDFC Bank moved in opposite direction through out the day till 1450 Hrs. So the rally in Bank Nifty was capped. BIG PLAYERS Managing Index.
3. Indices are bullish. Let us hope Bank nifty will see 48500 tomorrow.
TRADING PLAN.
1. NIFTY OPEN BETWEEN 22290 - 22385 : Buy any dip to 22300.
2.NIFTY OPEN ABOVE 22390 : Buy any dip to 22300- 22320.
3.NIFTY OPEN BELOW 22290: Buy any consolidation and move above 22320. Sell any consolidation and move below 22200.
4.BANK NIFTY OPEN BETWEEN 48062 - 47780 : Buy any consolidation and move above 48100.
25.BANK NIFTY OPEN ABOVE 48070: Buy any dip to 48800 and move above 48100. However can accumulate at lower level.
6.BANK NIFTY OPEN BELOW 47780: Sell any consolidation and break below 48500. Buy any consolidation and move above 48000.
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 markets are still bearish. Europe has pulled back and consolidating at 50 EMA while Asia is looking positive.
INDIA VIX AND GIFT NIFTY.
1. India VIX today crashed 5.63% after facing resistance at 14 as explained. So we saw some bullish move today at the end of the session. One could have held on to their long position, but due to market uncertainty, I usually wait for a set up next morning and forgo the over night moves.
2. GIFT Nifty is indicating a flat opening for tomorrow.
INDEX HEAVY WEIGHTS
1. HDFC Bank opened gap up but took resistance at 200 SMA and was down 1,25%. It has support at 1500, while 1522 is a resistance. If it sustain above 1522, again we can see a rally to 1550 levels.
2. ICICI Bank sustained above 1075 and closed at 1085. Again 1095 remains a strong resistance.
3. Reliance has come up with good result so It may gap open taking Nifty along with it. Have to see if there is going to be profit booking like HDFC Bank post result.
ANALYSIS
1. We had discussed that indices shall remain positive.
2. Bank Nifty could have crossed 48000, but as you can see ICICI Bank and HDFC Bank moved in opposite direction through out the day till 1450 Hrs. So the rally in Bank Nifty was capped. BIG PLAYERS Managing Index.
3. Indices are bullish. Let us hope Bank nifty will see 48500 tomorrow.
TRADING PLAN.
1. NIFTY OPEN BETWEEN 22290 - 22385 : Buy any dip to 22300.
2.NIFTY OPEN ABOVE 22390 : Buy any dip to 22300- 22320.
3.NIFTY OPEN BELOW 22290: Buy any consolidation and move above 22320. Sell any consolidation and move below 22200.
4.BANK NIFTY OPEN BETWEEN 48062 - 47780 : Buy any consolidation and move above 48100.
25.BANK NIFTY OPEN ABOVE 48070: Buy any dip to 48800 and move above 48100. However can accumulate at lower level.
6.BANK NIFTY OPEN BELOW 47780: Sell any consolidation and break below 48500. Buy any consolidation and move above 48000.
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.