PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 18 JUL 2024
18 Jul 2024
WORLD MARKETS
1. All the world markets are correcting. The elections and the events post campaigning may have negative effect on the markets.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 14 indicating an increase in volatility.
2. GIFT Nifty is indicating a downtick of 40 points. This amounts to 120 points in bank nifty at 52200.
INDEX HEAVY WEIGHTS
1. HDFC BANK is taking support at 1200 and resistance is at 1235.
2. ICICI Bank has resistance at 1250. Good support is at 1230.
3. Reliance has support at 3130. Any break of this will be bearish. Next support is at 3120.
ANALYSIS.
1. Market is consolidating with a positive bias. This consolidation is mainly due to budget on 23 July 2024. We may see more consolidation with a negative bias. Any action can only be seen post 23 Jul 2024. So option buyers has to wait.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24590 - 24632: No trade.
2. NIFTY OPEN ABOVE 24632: Buy any break out above 24660. Any consolidation between 24550 - 24650 is a buy.
3.NIFTY OPEN BELOW 24590: Sell any consolidation and break below 24550.
4.BANK NIFTY OPEN BETWEEN 52480 - 52315: No Trade.
5.BANK NIFTY OPEN ABOVE 52480 : Buy any consolidation and break above 52700. But see if there is any pull back happen at 52500.
6. BANK NIFTY OPEN BELOW 52315: Sell any rally to 52500.
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. All the world markets are correcting. The elections and the events post campaigning may have negative effect on the markets.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 14 indicating an increase in volatility.
2. GIFT Nifty is indicating a downtick of 40 points. This amounts to 120 points in bank nifty at 52200.
INDEX HEAVY WEIGHTS
1. HDFC BANK is taking support at 1200 and resistance is at 1235.
2. ICICI Bank has resistance at 1250. Good support is at 1230.
3. Reliance has support at 3130. Any break of this will be bearish. Next support is at 3120.
ANALYSIS.
1. Market is consolidating with a positive bias. This consolidation is mainly due to budget on 23 July 2024. We may see more consolidation with a negative bias. Any action can only be seen post 23 Jul 2024. So option buyers has to wait.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24590 - 24632: No trade.
2. NIFTY OPEN ABOVE 24632: Buy any break out above 24660. Any consolidation between 24550 - 24650 is a buy.
3.NIFTY OPEN BELOW 24590: Sell any consolidation and break below 24550.
4.BANK NIFTY OPEN BETWEEN 52480 - 52315: No Trade.
5.BANK NIFTY OPEN ABOVE 52480 : Buy any consolidation and break above 52700. But see if there is any pull back happen at 52500.
6. BANK NIFTY OPEN BELOW 52315: Sell any rally to 52500.
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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