PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 05 JUN 2024
04 Jun 2024
WORLD MARKETS
1. World Markets are looking negative.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 27. Since the election is over, we may see drastic reduction in VIX in the next week.
2. GIFT Nifty is flat.
INDEX HEAVY WEIGHTS.
1. It is difficult to give levels. However HDFC Bank has near term resistance at 1520 and support at 1465.
2. ICICI Bank has resistance at 1095 and support at 1055.
TRADING PLAN
1.NIFTY OPEN BETWEEN 21365 - 22420 : Sell any rally to 22420.
NIFTY OPEN ABOVE 22420 : Wait for a consolidation and break above 22500.
NIFTY OPEN BELOW 21365: Wait for a consolidation and break below 21500.
BANK NIFTY OPEN BETWEEN 48180 - 45678 : Sell any rally to 48200.
BANK NIFTY OPEN ABOVE 48200 : Buy any consolidation and break above 48200.
BANK NIFTY OPEN BELOW 45635. : Sell any rally to 46200.
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 negative.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 27. Since the election is over, we may see drastic reduction in VIX in the next week.
2. GIFT Nifty is flat.
INDEX HEAVY WEIGHTS.
1. It is difficult to give levels. However HDFC Bank has near term resistance at 1520 and support at 1465.
2. ICICI Bank has resistance at 1095 and support at 1055.
TRADING PLAN
1.NIFTY OPEN BETWEEN 21365 - 22420 : Sell any rally to 22420.
NIFTY OPEN ABOVE 22420 : Wait for a consolidation and break above 22500.
NIFTY OPEN BELOW 21365: Wait for a consolidation and break below 21500.
BANK NIFTY OPEN BETWEEN 48180 - 45678 : Sell any rally to 48200.
BANK NIFTY OPEN ABOVE 48200 : Buy any consolidation and break above 48200.
BANK NIFTY OPEN BELOW 45635. : Sell any rally to 46200.
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.