PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 05 JUL 2024
05 JUL 2024
WORLD MARKETS
1. World markets are looking neutral to bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 13 indicating more room for bullishness.
2. GIFT NIFTY is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank made a red candle for the second day. It is heading to 1700 level. However it has strong support at 1726.
3. ICICI BANK has made a hanging man. It is attempting to cross ATH at 1235.
3. Reliance is consolidating with a bullish bias. 3100 remain a strong support.
ANALYSIS
1. NIFTY has moved almost 1000 points since 21 Jun 2024. Bank Nifty has moved 2000 points.
2. Some consolidation and pull back may be expected. So better to be cautious.
3. However indices look very bullish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24270 - 24333: NO TRADE.
2.NIFTY OPEN ABOVE 24333: Wait for a consolidation and break above 23400 decisively. However any dip to 24300 will be a buy.
3. NIFTY OPEN BELOW 24270: Wait for a consolidation and break below 24230 levels. However any rally to 24300 and break below 24250 can be accumulated.
4.BANK NIFTY OPEN BETWEEN 53250 - 552950 : NO TRADE.
5.BANK NIFTY OPEN ABOVE 53250: Wait for a consolidation and break above 53300 decisively. However any dip to 53100 can be accumulated.
6.BANK NIFTY OPEN BELOW 52950: Wait for a consolidation and break below 52800 decisively. However any weakness at 53000 can be accumulated .
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 neutral to bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 13 indicating more room for bullishness.
2. GIFT NIFTY is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank made a red candle for the second day. It is heading to 1700 level. However it has strong support at 1726.
3. ICICI BANK has made a hanging man. It is attempting to cross ATH at 1235.
3. Reliance is consolidating with a bullish bias. 3100 remain a strong support.
ANALYSIS
1. NIFTY has moved almost 1000 points since 21 Jun 2024. Bank Nifty has moved 2000 points.
2. Some consolidation and pull back may be expected. So better to be cautious.
3. However indices look very bullish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24270 - 24333: NO TRADE.
2.NIFTY OPEN ABOVE 24333: Wait for a consolidation and break above 23400 decisively. However any dip to 24300 will be a buy.
3. NIFTY OPEN BELOW 24270: Wait for a consolidation and break below 24230 levels. However any rally to 24300 and break below 24250 can be accumulated.
4.BANK NIFTY OPEN BETWEEN 53250 - 552950 : NO TRADE.
5.BANK NIFTY OPEN ABOVE 53250: Wait for a consolidation and break above 53300 decisively. However any dip to 53100 can be accumulated.
6.BANK NIFTY OPEN BELOW 52950: Wait for a consolidation and break below 52800 decisively. However any weakness at 53000 can be accumulated .
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.