PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 16 SEP 2024

3 days ago16 Sep 2024
SORRY FRIENDS I WAS ON A VACATION BIKE RIDE TO LEH FOR 15 DAYS.
WORLD MARKETS
1. World Markets are consolidating with a bullish bias. In fact it is bullish.
2. FOMC Fed Interest rate decision will be on 18 Sep. The street is expecting a 25 bps rate cut which may turn market bullish. Till That time market may consolidate with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX has crashed to 12.5 indicating more bullishness in the market.
2. Gift Nifty is indicating a flat opening after a good rally.

INDEX HEAVY WEIGHTS
1. HDFC Bank has broken above 1660 and has good support at 1660 levels. It has no immediate resistance.
2. ICICI Bank has strong resistance at 1252 levels. It may consolidate after a good run.
3. Reliance has resistance at 2960. It is trading with a negative bias.
TRADING PLAN.
BUY ON DIP WILL BE A GOOD STRATEGY TILL 18 SEP.
1.NIFTY OPEN BETWEEN 25393 - 25319: Buy any dip to 25250 levels.
2. NIFTY OPEN ABOVE 25393 : Sell 25500 call options for any rally to 25500 levels.
3. NIFTY OPEN BELOW 25314 : sell 25200 put options for any dip to 25200 and move above 25250 levels.
4. BANK NIFTY OPEN BETWEEN 52034 - 51841: Sell call option 52500 for any rally to 52100 levels.
5. BANK NIFTY OPEN ABOVE 52034: Sell 52000 call option if the bank nifty break below 51900.
6.BANK NIFTY OPEN BELOW 51830 : sell 51500 put option if bank nifty dip to 51600 levels.

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.