PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 18 JUN 2024
18 JUN 2024
WORLD MARKETS
1.US market is mixed with S&P and NASDAQ bullish while DJI is bearish. Europe is bearish and Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is at a low of 12 indicating lower premium and very less move. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is at a crucial level of 1597. Any meaningful break above 1600 will be bullish. Tgt 1650.
2.ICICI bank at 1104 has resistance. If 1105 is broken on upside then it can turn bullish.
3. Reliance has resistance at 2960. Any decisive break of it will be bullish.
ANALYSIS
1. Indices are consolidating in a broad range of 23200 - 23500 and bank nifty 49500 -50250.
TRADING PLAN
1.NIFTY OPEN BETWEEN 23400 -23500 : Any dip to 23400 is a buy.
2.NIFTY OPEN ABOVE 23500: Wait for a consolidation between 23450 - 23500 and buy any decisive break above 23520.
3.NIFTY OPEN BELOW 23400: Any consolidation between 23440 - 23380 and break below 23380 is a sell.
4.BANK NIFTY OPEN BETWEEN 50120 -49890: NO TRADE.
5.BANK NIFTY OPEN ABOVE 50120: Buy any consolidation and break above 50230.
6.BANK NIFTY OPEN BELOW 49890: Wait for a consolidation between 50000 -49850 and any break below 49800 is a sell. Tgt 49600.
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.US market is mixed with S&P and NASDAQ bullish while DJI is bearish. Europe is bearish and Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is at a low of 12 indicating lower premium and very less move. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is at a crucial level of 1597. Any meaningful break above 1600 will be bullish. Tgt 1650.
2.ICICI bank at 1104 has resistance. If 1105 is broken on upside then it can turn bullish.
3. Reliance has resistance at 2960. Any decisive break of it will be bullish.
ANALYSIS
1. Indices are consolidating in a broad range of 23200 - 23500 and bank nifty 49500 -50250.
TRADING PLAN
1.NIFTY OPEN BETWEEN 23400 -23500 : Any dip to 23400 is a buy.
2.NIFTY OPEN ABOVE 23500: Wait for a consolidation between 23450 - 23500 and buy any decisive break above 23520.
3.NIFTY OPEN BELOW 23400: Any consolidation between 23440 - 23380 and break below 23380 is a sell.
4.BANK NIFTY OPEN BETWEEN 50120 -49890: NO TRADE.
5.BANK NIFTY OPEN ABOVE 50120: Buy any consolidation and break above 50230.
6.BANK NIFTY OPEN BELOW 49890: Wait for a consolidation between 50000 -49850 and any break below 49800 is a sell. Tgt 49600.
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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