PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 11 OCT 2024
11 Oct 2024
WORLD MARKETS
1. World markets are consolidating with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is still above 14 indicating bearishness. That is the reason option premium on call side was not raising.
2. GIFT Nifty is indicating 60 points downtick at 24940. This amount to 51350 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned bullish. It has closed above 1662. It has a tgt of 1687. However it has become very choppy.
2. ICICI Bank is still consolidating with 1220 as a good support.
3. Reliance is bearish. It has resistance at 2775.
ANALYSIS
1. As expected Nifty was range bound today. It has been range bound for past 2 days.
2. Reliance is bearish. ICICI Bank Consolidating with a bullish bias. HDFC Bank is choppy.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24996 - 25040 : No Trade.
2. NIFTY OPEN ABOVE 25040: Wait for a consolidation and break above 25100 decisively.
3. NIFTY OPEN BELOW 24996: wait for a consolidation and break below 24900 decisively.
4. BANK NIFTY OPEN BETWEEN 51700 - 51360: No Trade.
5.BANK NIFTY OPEN ABOVE 51700: Wait for a consolidation and move above 51900 decisively.
6. BANK NIFTY OPEN BELOW 51362 : Wait for a consolidation and break below 51150 decisively.
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 consolidating with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is still above 14 indicating bearishness. That is the reason option premium on call side was not raising.
2. GIFT Nifty is indicating 60 points downtick at 24940. This amount to 51350 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned bullish. It has closed above 1662. It has a tgt of 1687. However it has become very choppy.
2. ICICI Bank is still consolidating with 1220 as a good support.
3. Reliance is bearish. It has resistance at 2775.
ANALYSIS
1. As expected Nifty was range bound today. It has been range bound for past 2 days.
2. Reliance is bearish. ICICI Bank Consolidating with a bullish bias. HDFC Bank is choppy.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24996 - 25040 : No Trade.
2. NIFTY OPEN ABOVE 25040: Wait for a consolidation and break above 25100 decisively.
3. NIFTY OPEN BELOW 24996: wait for a consolidation and break below 24900 decisively.
4. BANK NIFTY OPEN BETWEEN 51700 - 51360: No Trade.
5.BANK NIFTY OPEN ABOVE 51700: Wait for a consolidation and move above 51900 decisively.
6. BANK NIFTY OPEN BELOW 51362 : Wait for a consolidation and break below 51150 decisively.
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.
Disclaimer
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