PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 01 APR 2024.
01 April 2024
WORLD MARKETS
1. World markts are closed today due to good friday. However world markets are looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX below 13 indicating less volatility.
2. GIFT Nifty is indicating a mildly bullish opening at 36 points at 22350 levels. This amounts to 47200 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is indicating a bullish outlook with a range bound move between 1430 - 1470. Any dip to 1430 is a buy for Bank nifty.
2. ICICI Bank is also trading with a bullish bias and is trying to break out of the range of 1100.
3. Reliance has very good supprt at 2950 levels. 3010 is a strong resistance.
ANALYSIS
1. Nifty and bank nifty has turned bullish. Any dip is a buying opportunity.
2. Index heavy weights is trying to break out of the range as mentioned above.
3. We may see some consolidation after a big move but any dip is a buy.
TRADING PLAN
1.NIFTY OPEN BETWEEN 22230 - 22430: Wait for adip to 22230 levels before going long.
2. NIFTY OPEN ABOVE 22430: Any dip to 22330 is a buy.
3.NIFTY OPEN BELOW 22230: Wait for a consolidation between 22150 -22230 and buy any break out.
4.BANK NIFTY OPEN BETWEEN 46952 -47300 : Any dip to 47000 is a buy. Wait for a consolidation.
5. BANK NIFTY OPEN ABOVE 47300 : Any dip to 47150 is a buy.
6. BANK NIFTY OPEN BELOW 46950: Wait for a consolidation and buy any break above 47050 decisively. If Bank nifty shows any weakness below 47800, Sell any break below 47800.
NOTE
1. Monday will be first day of April, so be cautious before taking trade.
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 markts are closed today due to good friday. However world markets are looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX below 13 indicating less volatility.
2. GIFT Nifty is indicating a mildly bullish opening at 36 points at 22350 levels. This amounts to 47200 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is indicating a bullish outlook with a range bound move between 1430 - 1470. Any dip to 1430 is a buy for Bank nifty.
2. ICICI Bank is also trading with a bullish bias and is trying to break out of the range of 1100.
3. Reliance has very good supprt at 2950 levels. 3010 is a strong resistance.
ANALYSIS
1. Nifty and bank nifty has turned bullish. Any dip is a buying opportunity.
2. Index heavy weights is trying to break out of the range as mentioned above.
3. We may see some consolidation after a big move but any dip is a buy.
TRADING PLAN
1.NIFTY OPEN BETWEEN 22230 - 22430: Wait for adip to 22230 levels before going long.
2. NIFTY OPEN ABOVE 22430: Any dip to 22330 is a buy.
3.NIFTY OPEN BELOW 22230: Wait for a consolidation between 22150 -22230 and buy any break out.
4.BANK NIFTY OPEN BETWEEN 46952 -47300 : Any dip to 47000 is a buy. Wait for a consolidation.
5. BANK NIFTY OPEN ABOVE 47300 : Any dip to 47150 is a buy.
6. BANK NIFTY OPEN BELOW 46950: Wait for a consolidation and buy any break above 47050 decisively. If Bank nifty shows any weakness below 47800, Sell any break below 47800.
NOTE
1. Monday will be first day of April, so be cautious before taking trade.
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.