PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 05 APR 2024
05 APR 2024
WORLD MARKETS
1. World markets are consolidating with a bullish bias.
2. Where as it seems Indian Markets are in its own trend ignoring world markets.
INDIA VIX AND GIFT NIFTY
1. India VIX is down at 11 which is good for a bull market. But due to low volatility Nos VIX may spike in between to bring down the market to mean.
2. GIFT Nifty is indicating 50 points uptick at 22550 levels. This amounts to 48300 levels for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned extremely bullish. It is aiming 1560 with a support at 1520.
2. ICICI Bank is consolidating with violent moves. ICICI Bank move was clearly Index management or else Bank Nifty would have shot up another 300 points. It is difficult to assign support and resistance when there are huge lower or upper tails in the candle.
3. Reliance is bearish. It has taken support at 2920 level.
4. It is the TCS which compensated for reliance which is up 1.4 %.
ANALYSIS
1. welcome to bull market.
2. Market tend to be very volatile with frequent mean reversion. So ideal strategy will be to wait for a dip before going long and avoid chasing bull run.
TRADING PLAN
1.NIFTY OPEN BETEEN 22602 - 22420 : Buy any dip to 22400.
2. NIFTY OPEN ABOVE 22602: Wait for a dip to 22500 levels.
3.NIFTY OPEN BELOW 22420: Accumulate all the dips in small qty. SL 22300. Aggressive buying only above 22500.
4.BANK NIFTY OPEN BETWEEN 48200 - 47900: Any dip to 47900 is a buy.
2.BANK NIFTY OPEN ABOVE 48200 : Wait for a dip to 48000.
6.BANK NIFTY OPEN BELOW 47900 : Any dip to 47800 and move above 47900 is a buy.
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 consolidating with a bullish bias.
2. Where as it seems Indian Markets are in its own trend ignoring world markets.
INDIA VIX AND GIFT NIFTY
1. India VIX is down at 11 which is good for a bull market. But due to low volatility Nos VIX may spike in between to bring down the market to mean.
2. GIFT Nifty is indicating 50 points uptick at 22550 levels. This amounts to 48300 levels for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned extremely bullish. It is aiming 1560 with a support at 1520.
2. ICICI Bank is consolidating with violent moves. ICICI Bank move was clearly Index management or else Bank Nifty would have shot up another 300 points. It is difficult to assign support and resistance when there are huge lower or upper tails in the candle.
3. Reliance is bearish. It has taken support at 2920 level.
4. It is the TCS which compensated for reliance which is up 1.4 %.
ANALYSIS
1. welcome to bull market.
2. Market tend to be very volatile with frequent mean reversion. So ideal strategy will be to wait for a dip before going long and avoid chasing bull run.
TRADING PLAN
1.NIFTY OPEN BETEEN 22602 - 22420 : Buy any dip to 22400.
2. NIFTY OPEN ABOVE 22602: Wait for a dip to 22500 levels.
3.NIFTY OPEN BELOW 22420: Accumulate all the dips in small qty. SL 22300. Aggressive buying only above 22500.
4.BANK NIFTY OPEN BETWEEN 48200 - 47900: Any dip to 47900 is a buy.
2.BANK NIFTY OPEN ABOVE 48200 : Wait for a dip to 48000.
6.BANK NIFTY OPEN BELOW 47900 : Any dip to 47800 and move above 47900 is a buy.
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.