PREMARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 24 JUL 2024
24 Jun 2024
WORLD MARKETS
1.World markets are consolidating with a negative bias.
INDIA VIX AND GIFT NIFTY
1. India VIX has come down drastically post budget from 15 to 12.5. So we will be entering a range bound movement for a few days.
2. GIFT Nifty is indicating a flat opening as expected.
INDEX HEAVY WEIGHTS
1. HDFC Bank is agin taking support at 1615 level. This is a strong support.
2. ICICI Bank has taken support at 21 SMA at 1220. Resistance is between 1230 -1240.
3. Reliance has strong resistance at 3000.
ANALYSIS
1. Nifty has closed flat supported by TITAN and ITC. Banking index is looking bearish. after a drop of 500 points it may get rangebound between 51500 -52000.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24340 -24620 : Buy any dip to 24350 - 24400 levels.
2. NIFTY OPEN ABOVE 24620: Buy any dip to 24500.
3.NIFTY OPEN BELOW 24340 : Sell any rally to 24400 levels.
4.BANK NIFTY OPEN BETWEEN 51450 - 52100 : Sell any rally to 52100 and fall below 51900.
5.BANK NIFTY OPEN ABOVE 51100: Sell any consolidation and break below 51900.
6. BANK NIFTY OPEN BELOW 51450 : Buy any consolidation and break above 51630.
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 negative bias.
INDIA VIX AND GIFT NIFTY
1. India VIX has come down drastically post budget from 15 to 12.5. So we will be entering a range bound movement for a few days.
2. GIFT Nifty is indicating a flat opening as expected.
INDEX HEAVY WEIGHTS
1. HDFC Bank is agin taking support at 1615 level. This is a strong support.
2. ICICI Bank has taken support at 21 SMA at 1220. Resistance is between 1230 -1240.
3. Reliance has strong resistance at 3000.
ANALYSIS
1. Nifty has closed flat supported by TITAN and ITC. Banking index is looking bearish. after a drop of 500 points it may get rangebound between 51500 -52000.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24340 -24620 : Buy any dip to 24350 - 24400 levels.
2. NIFTY OPEN ABOVE 24620: Buy any dip to 24500.
3.NIFTY OPEN BELOW 24340 : Sell any rally to 24400 levels.
4.BANK NIFTY OPEN BETWEEN 51450 - 52100 : Sell any rally to 52100 and fall below 51900.
5.BANK NIFTY OPEN ABOVE 51100: Sell any consolidation and break below 51900.
6. BANK NIFTY OPEN BELOW 51450 : Buy any consolidation and break above 51630.
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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