PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 07 JUN 2024
07 JUN 2024
WORLD MARKETS
1. World markets are looking neutral to bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 16 which is very comforting. the option premium has come down. So we may not get very good move on either side.
2. GIFT Nifty is indicating flat opening.
INDEX HEAVY WEIGHTS
1. 1545 is a good support and 1565 is a strong resistance.
2. ICICI Bank has resistance at 1125 and support at 1105.
3. Reliance has support at 2840 and resistance at 2888.
TRADING PLAN
1.NIFTY OPEN BETWEEN 22895 - 22750: NO TRADE.
2.NIFTY OPEN ABOVE 22895: Wait for a break above 23020 decisively.
3.NIFTY OPEN BELOW 22750: Wait for a break below 22640.
4.BANK NIFTY OPEN between 49500 - 49080: No trade.
5.BANK NIFTY OPEN ABOVE 49500: Wait for a break above 49720. However any dip to 49500 is a buy.
6.BANK NIFTY OPEN BELOW 48090: Sell any consolidation and break below 48000 decissively.
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 neutral to bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 16 which is very comforting. the option premium has come down. So we may not get very good move on either side.
2. GIFT Nifty is indicating flat opening.
INDEX HEAVY WEIGHTS
1. 1545 is a good support and 1565 is a strong resistance.
2. ICICI Bank has resistance at 1125 and support at 1105.
3. Reliance has support at 2840 and resistance at 2888.
TRADING PLAN
1.NIFTY OPEN BETWEEN 22895 - 22750: NO TRADE.
2.NIFTY OPEN ABOVE 22895: Wait for a break above 23020 decisively.
3.NIFTY OPEN BELOW 22750: Wait for a break below 22640.
4.BANK NIFTY OPEN between 49500 - 49080: No trade.
5.BANK NIFTY OPEN ABOVE 49500: Wait for a break above 49720. However any dip to 49500 is a buy.
6.BANK NIFTY OPEN BELOW 48090: Sell any consolidation and break below 48000 decissively.
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.