PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 29 MAY 2024
29 May 2024
WORLD MARKETS
1. US is mixed and Europe is neutral to bearish and Asia is bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 24 indicating high option premiums and high volatility.
2. GIFT Nifty is indicating a flat opening.
3. Today Fin Nifty expiry was muted. We can expect the same for Bank Nifty and Nifty also.
INDEX HEAVY WEIGHTS
1. HDFC BANK is consolidating between 1520 - 1550. It has closed at 200 SMA. It has resistance at 1530 and support at 1520.
2. ICICIBank is consolidating with a negative bias.
3. Reliance has support at 2900 and resistance at 2935.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22926 - 22850 : NO TRADE. Any weakness at 23000 and break below 22900 is a sell.
2. NIFTY OPEN ABOVE 22926 : Wait for a consolidation and break above 23050.
3. NIFTY OPEN BELOW 22850 : Sell any rally to 22900.
4. BANK NIFTY OPEN BETWEEN 49275 - 49000 : No Trade.
5.BANK NIFTY OPEN ABOVE 49275: Any consolidation and break above 49400 is a buy. Tgt 49650.
6. BANK NIFTY OPEN BELOW 49000: Sell any consolidation between 49000 - 48880 and break below 48850.
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 is mixed and Europe is neutral to bearish and Asia is bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 24 indicating high option premiums and high volatility.
2. GIFT Nifty is indicating a flat opening.
3. Today Fin Nifty expiry was muted. We can expect the same for Bank Nifty and Nifty also.
INDEX HEAVY WEIGHTS
1. HDFC BANK is consolidating between 1520 - 1550. It has closed at 200 SMA. It has resistance at 1530 and support at 1520.
2. ICICIBank is consolidating with a negative bias.
3. Reliance has support at 2900 and resistance at 2935.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22926 - 22850 : NO TRADE. Any weakness at 23000 and break below 22900 is a sell.
2. NIFTY OPEN ABOVE 22926 : Wait for a consolidation and break above 23050.
3. NIFTY OPEN BELOW 22850 : Sell any rally to 22900.
4. BANK NIFTY OPEN BETWEEN 49275 - 49000 : No Trade.
5.BANK NIFTY OPEN ABOVE 49275: Any consolidation and break above 49400 is a buy. Tgt 49650.
6. BANK NIFTY OPEN BELOW 49000: Sell any consolidation between 49000 - 48880 and break below 48850.
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.