PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 20 FEB 2024
20 Feb 2024
WORLD MARKETS
1. World markets are consolidating with a bullish bias. US is consolidating with a positive bias while Asia is looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is up 5% at 16. This is evident from the sellof seen in nifty and bank nifty in the last one hour.
2. GIFT Nifty is indicating a positive bias at 22150. This amounts to 46575 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a positive bias. It has stiff resistance between 1430 - 1440. 1410 is a stong support.
2. ICICI bank has turned very bullish. 1060 is a strong resistance. Any break of 1660 is bullish. however if it cannnot break 1660, then we may see further consolidation in Bank Nifty.
3. Reliance is consolidating with a bullish bias. 2910 is a strong support. it is trading in a range of 2910 - 2960. trending move can only be seen if the trading range is broken decisively.
ANALYSIS
1. Index heavy weights are trading with a positive bias.
2. However Reliance and HDFC Bank is trading in range hence Indices are also trading in a range.
3. However Nifty is trading decisively above 22000 for the second day. Bank Nifty has closed above 46500 . 46300 is a good support. 46200 - 46700 is the range for Bank Nifty.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22070 - 22175 :Any consolidation between 22050 -22100 and break above 22100 is a buy.
2. NIFTY OPEN ABOVE 22175: Wait for a consolidation between 22100 -22200 and a break above 22208.
3.NIFTY OPEN BELOW 22070 : wait for a consolidation and break below 22000.
4.BANK NIFTY OPEN BELOW 46650 -46400 : Any consolidation between 46400 - 46600 and break above 46650 is a buy.
5. BANK NIFTY OPEN ABOVE 46650 : Wait for a consolidation and break above 46750. Tgt 47000. Buy any dip to 46500.
6. BANK NIFTY OPEN BELOW 46400 : Any consolidation between 46500 - 46300 and a break below 46300 is a sell.
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. World markets are consolidating with a bullish bias. US is consolidating with a positive bias while Asia is looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is up 5% at 16. This is evident from the sellof seen in nifty and bank nifty in the last one hour.
2. GIFT Nifty is indicating a positive bias at 22150. This amounts to 46575 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a positive bias. It has stiff resistance between 1430 - 1440. 1410 is a stong support.
2. ICICI bank has turned very bullish. 1060 is a strong resistance. Any break of 1660 is bullish. however if it cannnot break 1660, then we may see further consolidation in Bank Nifty.
3. Reliance is consolidating with a bullish bias. 2910 is a strong support. it is trading in a range of 2910 - 2960. trending move can only be seen if the trading range is broken decisively.
ANALYSIS
1. Index heavy weights are trading with a positive bias.
2. However Reliance and HDFC Bank is trading in range hence Indices are also trading in a range.
3. However Nifty is trading decisively above 22000 for the second day. Bank Nifty has closed above 46500 . 46300 is a good support. 46200 - 46700 is the range for Bank Nifty.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22070 - 22175 :Any consolidation between 22050 -22100 and break above 22100 is a buy.
2. NIFTY OPEN ABOVE 22175: Wait for a consolidation between 22100 -22200 and a break above 22208.
3.NIFTY OPEN BELOW 22070 : wait for a consolidation and break below 22000.
4.BANK NIFTY OPEN BELOW 46650 -46400 : Any consolidation between 46400 - 46600 and break above 46650 is a buy.
5. BANK NIFTY OPEN ABOVE 46650 : Wait for a consolidation and break above 46750. Tgt 47000. Buy any dip to 46500.
6. BANK NIFTY OPEN BELOW 46400 : Any consolidation between 46500 - 46300 and a break below 46300 is a sell.
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.
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