Nifty Bank IndexLong
PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 08 AUG 2024
08 AUG 2024
WORLD MARKETS
1. US and Asia has recovered and looking to resume uptrend.
2. Europe is still looking bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX has crashed by 13.7% indicating decrease in volatility. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC BANK repeatedly took support at 1600 and settled at 1623. Any break above 1630 will be bullish for a tgt of 1645 and 1655.
2. ICICI Bank has taken support at 1171. If 1172 is sustained, we may see 1180.
3. Reliance has taken support at 2930 - 2900. So any break above 2935 will be bullish.
TRADING PLAN.
1. NIFTY OPEN BETWEEN 24336 - 24256: NO Trade.
2.NIFTY OPEN ABOVE 24335: Buy any dip to 24300 and break above 24350 decisively.
3. NIFTY OPEN BELOW 24256: Wait for a consolidation and break below 24130.
4. BANK NIFTY OPEN BETWEEN 49980 - 50260: NO Trade.
5.BANK NIFTY OPEN ABOVE 24260: Wait for a consolidation and break above 50400.
6. BANK NIFTY OPEN BELOW 49980: Wait for a consolidation and break below 49750 decisively. However any rally to 50030 can be sold into.
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 and Asia has recovered and looking to resume uptrend.
2. Europe is still looking bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX has crashed by 13.7% indicating decrease in volatility. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC BANK repeatedly took support at 1600 and settled at 1623. Any break above 1630 will be bullish for a tgt of 1645 and 1655.
2. ICICI Bank has taken support at 1171. If 1172 is sustained, we may see 1180.
3. Reliance has taken support at 2930 - 2900. So any break above 2935 will be bullish.
TRADING PLAN.
1. NIFTY OPEN BETWEEN 24336 - 24256: NO Trade.
2.NIFTY OPEN ABOVE 24335: Buy any dip to 24300 and break above 24350 decisively.
3. NIFTY OPEN BELOW 24256: Wait for a consolidation and break below 24130.
4. BANK NIFTY OPEN BETWEEN 49980 - 50260: NO Trade.
5.BANK NIFTY OPEN ABOVE 24260: Wait for a consolidation and break above 50400.
6. BANK NIFTY OPEN BELOW 49980: Wait for a consolidation and break below 49750 decisively. However any rally to 50030 can be sold into.
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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