PRE MARKET ANALYSIS OF NIFTY ANDS BANK NIFTY FOR 08 MAY 2024
08 May 2024
WORLD MARKETS
1. All the world markets are looking very bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 15 @17. This indicates high volatility and high option premium.
INDEX HEAVY WEIGHTS.
1. HDFC Bank is bearish. It has resistance at 1511. It has support at 1490.
2.ICICI Bank has resistance at 1140 and it has support at 1120 and 1100.
3. Reliance is on a free fall. The next support is at 2750.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22230 - 22375 : Sell Any rally to 22400 and fall below 22340.
2. NIFTY OPEN ABOVE 22375 : Any consolidation and break below 22350 is a sell. Any rally to 22500 is also a sell.
3. NIFTY OPEN BELOW 22230 : Sell any rally to 22300.
4. BANK NIFTY OPEN BETWEEN 48500 - 48060 : Sell any rally to 48600 and break below 48500 decisively.
5.BANK NIFTY OPEN ABOVE 48520. Wait for a consolidation and break above 48700. Any weakness and break below 48500 is a sell.
6.BANK NIFTY OPEN BELOW 48060 : Sell any rally to 48300
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. All the world markets are looking very bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 15 @17. This indicates high volatility and high option premium.
INDEX HEAVY WEIGHTS.
1. HDFC Bank is bearish. It has resistance at 1511. It has support at 1490.
2.ICICI Bank has resistance at 1140 and it has support at 1120 and 1100.
3. Reliance is on a free fall. The next support is at 2750.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22230 - 22375 : Sell Any rally to 22400 and fall below 22340.
2. NIFTY OPEN ABOVE 22375 : Any consolidation and break below 22350 is a sell. Any rally to 22500 is also a sell.
3. NIFTY OPEN BELOW 22230 : Sell any rally to 22300.
4. BANK NIFTY OPEN BETWEEN 48500 - 48060 : Sell any rally to 48600 and break below 48500 decisively.
5.BANK NIFTY OPEN ABOVE 48520. Wait for a consolidation and break above 48700. Any weakness and break below 48500 is a sell.
6.BANK NIFTY OPEN BELOW 48060 : Sell any rally to 48300
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.