Nifty Bank IndexShort
PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 20 MARCH 2024
20 MAR 2024
WORLD MARKETS
1. US markets are consoldation with a bulllish bias.
2. Europe is mixed. Asia is looking BEARISH.
INDEX HEAVY WEIGHTS
1. India VIX is above 14 indicating increase in volatility.
2. GIFT Nifty is indicating a flat opening.
ANALYSIS
1. Indices are consolidating with a negative bias.
2. IT stocks took a beating and pulled down nifty, whereas bank nifty was more stable and consolidated with a negative bias.
3. Nifty has support at 21750. Any break of this will give us 21550.
4. Bank Nifty on the other hand looks confused. With 46500 - 46800 as resistance.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21900 - 21750 : Sell any rally to 22000 and break below 21900.
2. NIFTY OPEN ABOVE 21900 : Sell any rally to 22000 and break below 21900. Tgt 21750.
3. NIFTY OPEN BELOW 21750 : Sell any rally to 21850 -21900.
4. BANK NIFTY OPEN BETWEEN 46480 - 46280 : Sell any rally to 46550 and break below 46500.
5.BANK NIFTY OPEN ABOVE 46480: Any rally to 46600 and break below 46500 is a sell.
6. BANK NIFTY OPEN BELOW 46280:Sell any rally to 46400.
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. US markets are consoldation with a bulllish bias.
2. Europe is mixed. Asia is looking BEARISH.
INDEX HEAVY WEIGHTS
1. India VIX is above 14 indicating increase in volatility.
2. GIFT Nifty is indicating a flat opening.
ANALYSIS
1. Indices are consolidating with a negative bias.
2. IT stocks took a beating and pulled down nifty, whereas bank nifty was more stable and consolidated with a negative bias.
3. Nifty has support at 21750. Any break of this will give us 21550.
4. Bank Nifty on the other hand looks confused. With 46500 - 46800 as resistance.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21900 - 21750 : Sell any rally to 22000 and break below 21900.
2. NIFTY OPEN ABOVE 21900 : Sell any rally to 22000 and break below 21900. Tgt 21750.
3. NIFTY OPEN BELOW 21750 : Sell any rally to 21850 -21900.
4. BANK NIFTY OPEN BETWEEN 46480 - 46280 : Sell any rally to 46550 and break below 46500.
5.BANK NIFTY OPEN ABOVE 46480: Any rally to 46600 and break below 46500 is a sell.
6. BANK NIFTY OPEN BELOW 46280:Sell any rally to 46400.
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.
Disclaimer
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