PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 20 JUN 2024
21JUN 2024
WORLD MARKETS
1. US markets are looking bullish except DJI.
2. Europe is bearish except FTSE. Asia is looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 13 indicating more bullishness. GIFT Nifty is indicating a flat opening. But we may not sure if it gap up as today.
INDEX HEAVY WEIGHTS.
1.HDFC Bank is consolidating after a 3.1 % move. It may consolidate more In the range of 1658 - 1677.
2. ICICI Bank has good support at 1155. 1170 is the next target.
3. Reliance has turned choppy in the range of 2920 - 2970. It is being used to manage Nifty at 23500 levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 23515 - 23617 : Buy any dip to 23500 and move above 23550.
2. NIFTY OPEN ABOVE 23617: Buy any dip to 23550.
3.NIFTY OPEN BELOW 23515: Sell any rally to 23515 and break below 23500.
4.BANK NIFTY OPEN BETWEEN 51620 - 51940 : NO TRADE.
5. BANK NIFTY OPEN ABOVE 23940: Wait for a consolidation and break above 52000 decisively. Avoid buying first break out candle.
6. BANK NIFTY OPEN BELOW 51630 : Wait for a consolidation and break below 51450 decisively. If the break out happen above 51650, then we can add long position, with a stop loss at 51500.
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 looking bullish except DJI.
2. Europe is bearish except FTSE. Asia is looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 13 indicating more bullishness. GIFT Nifty is indicating a flat opening. But we may not sure if it gap up as today.
INDEX HEAVY WEIGHTS.
1.HDFC Bank is consolidating after a 3.1 % move. It may consolidate more In the range of 1658 - 1677.
2. ICICI Bank has good support at 1155. 1170 is the next target.
3. Reliance has turned choppy in the range of 2920 - 2970. It is being used to manage Nifty at 23500 levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 23515 - 23617 : Buy any dip to 23500 and move above 23550.
2. NIFTY OPEN ABOVE 23617: Buy any dip to 23550.
3.NIFTY OPEN BELOW 23515: Sell any rally to 23515 and break below 23500.
4.BANK NIFTY OPEN BETWEEN 51620 - 51940 : NO TRADE.
5. BANK NIFTY OPEN ABOVE 23940: Wait for a consolidation and break above 52000 decisively. Avoid buying first break out candle.
6. BANK NIFTY OPEN BELOW 51630 : Wait for a consolidation and break below 51450 decisively. If the break out happen above 51650, then we can add long position, with a stop loss at 51500.
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.