PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 09 MAY 2024
09 May 2024
WORLD MARKETS
1. US markets are trading with a positive bias.
2. Europe and Asia is bullish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is stable but high at 17. So volatility shall continue.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS.
1. HDFC Bank gapped down and broke the crucial support at 1490. The next support is at 1465 and 1490 will be a strong resistance.
2. ICICI Bank has taken support at 1122. If it is broken tomorrow, then we can expect 1115 and below and head towards next support zone of 1090.
3. Reliance has pulled back. 2827 remain a good support. But if it broken tomorrow, we may see 2780 again.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22250 - 22350 : NO TRADE.
2. NIFTY OPEN ABOVE 22350: Wait for a consolidation and break above 22400. Tgt 22550.
3.NIFTY OPEN BELOW 22250 : Sell any rally to 22300 in small qty. However aggressive selling can be done below 22180 for a target for 22050 levels.
4. BANK NIFTY OPEN BETWEEN 47900 - 48120 : No trade.
5.BANK NIFTY OPEN ABOVE 48120 : Wait for a consolidation and break above 48300 decisively.
6. BANK NIFTY OPEN BELOW 47920 : Wait for a consolidation and break below 47800. Target 47500. However any rally to 48120, short can be accumulated in small quantities.
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 markets are trading with a positive bias.
2. Europe and Asia is bullish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is stable but high at 17. So volatility shall continue.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS.
1. HDFC Bank gapped down and broke the crucial support at 1490. The next support is at 1465 and 1490 will be a strong resistance.
2. ICICI Bank has taken support at 1122. If it is broken tomorrow, then we can expect 1115 and below and head towards next support zone of 1090.
3. Reliance has pulled back. 2827 remain a good support. But if it broken tomorrow, we may see 2780 again.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22250 - 22350 : NO TRADE.
2. NIFTY OPEN ABOVE 22350: Wait for a consolidation and break above 22400. Tgt 22550.
3.NIFTY OPEN BELOW 22250 : Sell any rally to 22300 in small qty. However aggressive selling can be done below 22180 for a target for 22050 levels.
4. BANK NIFTY OPEN BETWEEN 47900 - 48120 : No trade.
5.BANK NIFTY OPEN ABOVE 48120 : Wait for a consolidation and break above 48300 decisively.
6. BANK NIFTY OPEN BELOW 47920 : Wait for a consolidation and break below 47800. Target 47500. However any rally to 48120, short can be accumulated in small quantities.
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.