PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 15 MAY 2024
15 MAY 2024
WORLD MARKETS
1. World Markets are looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 20 indicating bearishness. However Market is looking bullish inspite of high VIX. The RSI is indicating over bought levels. So we may see some pull back to 15. This means some upside may happen tomorrow.
2. GIFT Nifty is indicating a flat start.
INDEX HEAVY WEIGHTS
1. HDFC Bank has resistance at 1465. So if HDFC Bank bank open above 1465, then we can see 1490.
2. ICICI Bank on the other hand has resistance at 1123. It may remain volatile tomorrow. Any open above 1123 will be bullish.
3. Reliance has resistance at 2875. It is 20 SMA.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22150 - 22270: Any dip to 22100 will be a buy.
2. NIFTY OPEN ABOVE 22270 : Wait for a consolidation and buy any dip.
3.NIFTY OPEN BELOW 22165: Wait for a consolidation and break above 22200 for going long.
4.BANK NIFTY OPEN BETWEEN 47750 - 47950: Accumulate any dip to 47600. SL 47500.
5.BANK NIFTY OPEN ABOVE 47950 : Wait for a consolidation between 47800 - 48000 and accumulate any dips to 47800.
BANK NIFTY OPEN BELOW 47750 : Buy any consolidation and break above 47800. However any dip to 47500 can be accumulated in small quantity.
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 looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 20 indicating bearishness. However Market is looking bullish inspite of high VIX. The RSI is indicating over bought levels. So we may see some pull back to 15. This means some upside may happen tomorrow.
2. GIFT Nifty is indicating a flat start.
INDEX HEAVY WEIGHTS
1. HDFC Bank has resistance at 1465. So if HDFC Bank bank open above 1465, then we can see 1490.
2. ICICI Bank on the other hand has resistance at 1123. It may remain volatile tomorrow. Any open above 1123 will be bullish.
3. Reliance has resistance at 2875. It is 20 SMA.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22150 - 22270: Any dip to 22100 will be a buy.
2. NIFTY OPEN ABOVE 22270 : Wait for a consolidation and buy any dip.
3.NIFTY OPEN BELOW 22165: Wait for a consolidation and break above 22200 for going long.
4.BANK NIFTY OPEN BETWEEN 47750 - 47950: Accumulate any dip to 47600. SL 47500.
5.BANK NIFTY OPEN ABOVE 47950 : Wait for a consolidation between 47800 - 48000 and accumulate any dips to 47800.
BANK NIFTY OPEN BELOW 47750 : Buy any consolidation and break above 47800. However any dip to 47500 can be accumulated in small quantity.
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.