PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 26 APR 2024
26 apr 2024
WORLD MARKETS
1. World markets are looking positive.
INDIA VIX AND GIFT NIFTY
1.India VIX is below 11 indicating more bullishness.
2. GIFT Nifty is indicating a gap down of 112 points. Surprising. Back below 22500 levels.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still consolidating with a narrow range of 1500 - 1515. We may see more consolidation with negative bias.
2. ICICI Bank is looking bullish as it has closed above 1100. we may see consolidation tomorrow.
3. Reliance as explained took support at 2387 levels and bounced back post lunch.
ANALYSIS
1. KOTAK Bank news made all the difference today. Loss to Kotak bank business is gain to Axis, SBI and ICICI which were up almost 5 - 6 %. If this euphoria bursts tomorrow, we may see a neutral to negative day, not bearish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22657 - 22481 : Buy any dip 22500.
2.BANK NIFTY OPEN ABOVE 22657 : Wait for a dip to 22500.
3. NIFTY OPEN BELOW 22481: Buy any move above 22500.
4. BANK NIFTY OPEN BETWEEN 48250 - 48740: Buy any dip to 48400 - 48300 levels.
5.BANK NIFTY OPEN ABOVE 48750 : Wait for a dip to 48500.
6. BANK NIFTY OPEN BELOW 48240: Sell break below 47900. Buy any consolidation and move above 48300.
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 positive.
INDIA VIX AND GIFT NIFTY
1.India VIX is below 11 indicating more bullishness.
2. GIFT Nifty is indicating a gap down of 112 points. Surprising. Back below 22500 levels.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still consolidating with a narrow range of 1500 - 1515. We may see more consolidation with negative bias.
2. ICICI Bank is looking bullish as it has closed above 1100. we may see consolidation tomorrow.
3. Reliance as explained took support at 2387 levels and bounced back post lunch.
ANALYSIS
1. KOTAK Bank news made all the difference today. Loss to Kotak bank business is gain to Axis, SBI and ICICI which were up almost 5 - 6 %. If this euphoria bursts tomorrow, we may see a neutral to negative day, not bearish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22657 - 22481 : Buy any dip 22500.
2.BANK NIFTY OPEN ABOVE 22657 : Wait for a dip to 22500.
3. NIFTY OPEN BELOW 22481: Buy any move above 22500.
4. BANK NIFTY OPEN BETWEEN 48250 - 48740: Buy any dip to 48400 - 48300 levels.
5.BANK NIFTY OPEN ABOVE 48750 : Wait for a dip to 48500.
6. BANK NIFTY OPEN BELOW 48240: Sell break below 47900. Buy any consolidation and move above 48300.
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.