PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 17 FEB 2024

Feb 15

16 FEB 2024
WORLD MARKETS
1. All The world markets are looking positive and bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX have come down by 1.35% at 15.2.
2. GIFT Nifty is indicating a positive uptick of 15 points. This amounts to a flat openeing.
INDEX HEAVY WEIGHTS
1.HDFC Bank has turned bullish. It has been over sold for some time. It has support at 1410 and next resistance is at 1441.
2. ICICI Bank is still consolidating. But i feel index management is done through ICICI Bank. When HDFC Bank goes up ICICI Bank come down.
3. Reliance is looking bullish but again due to expiry of nifty it was consolidating thus keeping nifty within 21900 - 21800.
ANALYSIS
1. Indices are looking bullish as Nifty and Bank nifty have closed almost at the high of the day.
2. we may see some big movement tomorrow as Bank nifty has closed above 46000 and Nifty at 21900.
TRADING PLAN :
1. NIFTY OPEN BETWEEN 21850 - 21950 : Buy any consolidation and break out above 21960. Buy any dip to 21800.
2.NIFTY OPEN ABOVE 21950 : Wait for a consolidation and a decisive break above 22027.
3.NIFTY OPEN BELOW 21850 : Wait for a consolidation and break below 21800.
4.BANK NIFTY OPEN BETWEEN 46020 - 46415 : Buy any dip to 46100- 46050.
5.BANK NIFTY OPEN ABOVE 46415: Wait for a consolidation between 46200 - 46415 and break out above 46400.
6.BANK NIFTY OPEN BELOW 46000 : Wait for a consolidation and break below 45800.

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.