PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 27 MAY 2024
27 May 2024
WORLD MARKETS
1. World Markets are looking neutral to bullish. Asia is looking neutral to negative.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is still at 21.7 which is high.
2.GIFT Nifty is indicating a very flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is very bullish. 1530 is a very strong resistance which is 200 SMA.
2. ICICI Bank is consolidating a with a bullish bias. 1130 is a good support.
3. Reliance has support at 2953. 2960 is a strong resistance.
TRADING PLAN
1. NIFTY OPEN BETWEEN 23000 - 22900 : NO TRADE.
2. NIFTY OPEN ABOVE 23000 : Wait for a consolidation and break above 23050 decisively.
3.NIFTY OPEN BELOW 22900 : Wait for a break below 22840.
4.BANK NIFTY OPEN BETWEEN 48850 - 49050 : NO TRADE.
5.BANK NIFTY OPEN ABOVE 49050: Wait for a break above 49100. However 49200 is also a strong resistance.
6.BANK NIFTY OPEN BELOW 48850: Wait for a break below 48750. If Bank Nifty consolidate and move above 48900, it's a buy.
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 neutral to bullish. Asia is looking neutral to negative.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is still at 21.7 which is high.
2.GIFT Nifty is indicating a very flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is very bullish. 1530 is a very strong resistance which is 200 SMA.
2. ICICI Bank is consolidating a with a bullish bias. 1130 is a good support.
3. Reliance has support at 2953. 2960 is a strong resistance.
TRADING PLAN
1. NIFTY OPEN BETWEEN 23000 - 22900 : NO TRADE.
2. NIFTY OPEN ABOVE 23000 : Wait for a consolidation and break above 23050 decisively.
3.NIFTY OPEN BELOW 22900 : Wait for a break below 22840.
4.BANK NIFTY OPEN BETWEEN 48850 - 49050 : NO TRADE.
5.BANK NIFTY OPEN ABOVE 49050: Wait for a break above 49100. However 49200 is also a strong resistance.
6.BANK NIFTY OPEN BELOW 48850: Wait for a break below 48750. If Bank Nifty consolidate and move above 48900, it's a buy.
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.