PRE MARKET ANALYSIS OF NIFTY AND BANK NIFRY FOR 06 MAY 2024
06 MAY 2024
WORLD MARKETS
1. All the world markets are looking bullish. US markets are up 1- 1.5%.
2. Asia and Europe are consolidating with a positive bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 14 and hence at elevated levels.
2. GIFT Nifty is indicating 112 points uptick @22600 for Nifty and Bank Nifty is indicating gap up to 49200.
INDEX HEAVY WEIGHTYS
1. HDFC Bank is consolidating in a range 1498 - 1535 levels.
1500 remain a strong support and 1535 strong resistance.
2. ICICI Bank is consolidating with a little higher volatility. 1122 remain a strong support. Any break of it will be bearish.
3. Reliance has support at 2830 levels. It is looking bearish.
TRADING PLAN:
NIFTY OPEN BETWEEN 22350 - 22600: Any rise to 22600 and break below 22500 will be a sell.
4. NIFTY TRADE ABOVE 22600: Any consolidation between 22500 - 22600 and break above is a buy and break below 22500 is a sell.
3. NIFTY OPEN BELOW 22350: Any rally to 22500 is a sell.
4.BANK NIFTY OPEN BETWEEN 49200 - 48660: Any rally to 49200 and break below 48950 is a sell.
5.BANK NIFTY OPEN ABOVE 49200 : Sell any weakness and break below 49000. however CONSOLIDATION AND BREAK ABOVE 49200 is a buy.
6.BANK NIFTY OPEN BELOW 48650: Sell any rally to 4890.
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 looking bullish. US markets are up 1- 1.5%.
2. Asia and Europe are consolidating with a positive bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 14 and hence at elevated levels.
2. GIFT Nifty is indicating 112 points uptick @22600 for Nifty and Bank Nifty is indicating gap up to 49200.
INDEX HEAVY WEIGHTYS
1. HDFC Bank is consolidating in a range 1498 - 1535 levels.
1500 remain a strong support and 1535 strong resistance.
2. ICICI Bank is consolidating with a little higher volatility. 1122 remain a strong support. Any break of it will be bearish.
3. Reliance has support at 2830 levels. It is looking bearish.
TRADING PLAN:
NIFTY OPEN BETWEEN 22350 - 22600: Any rise to 22600 and break below 22500 will be a sell.
4. NIFTY TRADE ABOVE 22600: Any consolidation between 22500 - 22600 and break above is a buy and break below 22500 is a sell.
3. NIFTY OPEN BELOW 22350: Any rally to 22500 is a sell.
4.BANK NIFTY OPEN BETWEEN 49200 - 48660: Any rally to 49200 and break below 48950 is a sell.
5.BANK NIFTY OPEN ABOVE 49200 : Sell any weakness and break below 49000. however CONSOLIDATION AND BREAK ABOVE 49200 is a buy.
6.BANK NIFTY OPEN BELOW 48650: Sell any rally to 4890.
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.