PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 16 AUG 2024
16 AUG 2024
WORLD MARKETS
1. All the World Markets have turned bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is down 4 % at 15.4.
2. GIFT Nifty is indicating a flat start.
INDEX HEAVY WEIGHTS
1. HDFC BAnk is looking range bound between 1630 -1590 with a negative bias.
2. ICICI Bank is bearish and has resistance at 1172 and any break of 1155 is bearish.
3. Reliance is bearish and any break of 2900 is bearish. 2940 is a strong resistance.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24170 -24117: NO TRADE.
2.NIFTY OPEN ABOVE 24170: Wait for a consolidation and break above 24205 with high volume.
3.NIFTY OPEN BELOW 24117: Wait for a consolidation and break below 24070 decisively.
4. BANK NIFTY OPEN BETWEEN 49811 - 49643: NO TRADE.
5. BANK NIFTY OPEN ABOVE 49811: Wait for a consolidation and break above 49900 decisively with high volume.
6.BANK NIFTY OPEN BELOW 49640: Wait for a consolidation and break below 49500 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. All the World Markets have turned bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is down 4 % at 15.4.
2. GIFT Nifty is indicating a flat start.
INDEX HEAVY WEIGHTS
1. HDFC BAnk is looking range bound between 1630 -1590 with a negative bias.
2. ICICI Bank is bearish and has resistance at 1172 and any break of 1155 is bearish.
3. Reliance is bearish and any break of 2900 is bearish. 2940 is a strong resistance.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24170 -24117: NO TRADE.
2.NIFTY OPEN ABOVE 24170: Wait for a consolidation and break above 24205 with high volume.
3.NIFTY OPEN BELOW 24117: Wait for a consolidation and break below 24070 decisively.
4. BANK NIFTY OPEN BETWEEN 49811 - 49643: NO TRADE.
5. BANK NIFTY OPEN ABOVE 49811: Wait for a consolidation and break above 49900 decisively with high volume.
6.BANK NIFTY OPEN BELOW 49640: Wait for a consolidation and break below 49500 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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