PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 21 FEB 2024

Feb 20

21 Feb 2024
WORLD MARKETS
1. US Markets is looking mixed. While the S&P and DJI is bullish NASDAQ which is a tech index is looking bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 16. There is an increase in volatility with increase in indices. This is a bit discomforting.
2. GIFT Nifty is indicating a 43 point uptick at 22220 which is positive.
2. This amounts to 47200 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is extremely bullish. It has cleared 1450 decisively. Next resistance is at 1475. Any dip is a buy.
2. ICICI Bank is also bullish. It has resistance at 1058 - 1056.
3. Reliance is consolidating with a bullish bias. Any break of 2950 is resumption of bullish trend.
ANALYSIS
1. HDFC Bank, ICICI Bank has turned bullish. Reliance is waitng for a break out above 2950.
2. Indices have turned buy on dips.
3. Better to avoid shorts.
TRADING PLAN.
1.NIFTY OPEN BETWEEN 22240 - 21150 : Any dip to 22100 and move abovve 22150 is a buy.
2. NIFTY OPEN ABOVE 22240 : Wait for a consolidation between 22150 - 22200 and break above 22200.
3.NIFTY OPEN BELOW 22150 : Wait for a consolidation and break below 22100.
4.BANK NIFTY OPEN BETWEEN 47310 - 46870 : Any consolidation between 46850 - 47050 and break above 47100 is a buy.
5. BANK NIFTY OPEN ABOVE 47310 : Wait for a consolidation between 47030 - 47300 and break above 47300.
6. BANK NIFTY OPEN BELOW 46870 : Wait for a consolidation and break below 47670.

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.