PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 02 JULY 2024
02 JUL 2024
WORLD MARKETS
1. US markets are looking neutral to bullish.
2. Europe is looking bearish.
3. Asia is bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 15 indicating bullishness to continue.
2. GIFT Nifty is indicating a flat opening as of now.
INDEX HEAVY WEIGHTS.
1.HDFC Bank is consolidating with a bullish bias. it has good support at 1695. It can turn bullish above 1710.
2. ICICI Bank has good support at 1200. It can turn bullish only above 1217.
3.Reliance is consolidating with a bullish bias. 3100 is a good support.It can turn bullish above 3126.
ANALYSIS
1.Indices are consolidating with a bullish bias. It may consolidate benefiting option sellers. Option buyers may have to wait for a breakout. Risk reward in range bound will be very less.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24190 - 24090 : No Trade.
2.NIFTY OPEN ABOVE 24200 : Buy any dip to 24100.
3. NIFTY OPEN BELOW 24090: Sell any consolidation and break below 24000.
4.BANK NIFTY OPEN BETWEEN 52710 - 52430 : NO TRADE.
5. BANK NIFTY OPEN ABOVE 52720: Buy any consolidation between 52500 - 52720 and a decisive breakout.
6.BANK NIFTY OPEN BELOW 52435: Wait for a consolidation and break below 52300 decisively.
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 looking neutral to bullish.
2. Europe is looking bearish.
3. Asia is bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 15 indicating bullishness to continue.
2. GIFT Nifty is indicating a flat opening as of now.
INDEX HEAVY WEIGHTS.
1.HDFC Bank is consolidating with a bullish bias. it has good support at 1695. It can turn bullish above 1710.
2. ICICI Bank has good support at 1200. It can turn bullish only above 1217.
3.Reliance is consolidating with a bullish bias. 3100 is a good support.It can turn bullish above 3126.
ANALYSIS
1.Indices are consolidating with a bullish bias. It may consolidate benefiting option sellers. Option buyers may have to wait for a breakout. Risk reward in range bound will be very less.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24190 - 24090 : No Trade.
2.NIFTY OPEN ABOVE 24200 : Buy any dip to 24100.
3. NIFTY OPEN BELOW 24090: Sell any consolidation and break below 24000.
4.BANK NIFTY OPEN BETWEEN 52710 - 52430 : NO TRADE.
5. BANK NIFTY OPEN ABOVE 52720: Buy any consolidation between 52500 - 52720 and a decisive breakout.
6.BANK NIFTY OPEN BELOW 52435: Wait for a consolidation and break below 52300 decisively.
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.