PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 16 JUL 2024

Jul 15

16 Jul 2024
WORLD MARKETS
1. US and Europe is looking very bullish.
2. Asia is consolidating with a positive bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is up 3.75% indicating an increase in volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank has taken support at 1620. It has resistance at 1645.
2. ICICI Bank has resistance at 1235. If it break 1220, it will be bearish. 1200 seems to be next support.
3. Reliance is moving between 3160 -3210.
ANALYSIS
1. Nifty is looking bullish. It has closed above 24500.
2. Bank Nifty is in a range and can be bullish above 52800 and support at 52100.
3. Fin Nifty has goos support t 23500. Resistance can be seen at 23750.
4. Buy on dips will be a good strategy. However this expiry may support option sellers. little scope for option buyers unless one has the the ability to scalp 30 -40 points quickly.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24565 - 24610 : any dip can be bought into.
2. NIFTY OPEN ABOVE 24610: Buy any consolidation and breakout above 24635.
3.NIFTY OPEN BELOW 24560: Buy any consolidation and break above 24600.

4.BANK NIFTY OPEN BETWEEN 52595 - 52315 : Buy any dip to 52300 levels.
5.BANK NIFTY OPEN ABOVE 52600 : Wait for a consolidation and break above 52730. Buy any dips.
6.BANK NIFTY OPEN BELOW 52317: Sell any rally to 52500.

7.FIN NIFTY OPEN BETWEEN 23760 - 23630: NO TRADE
8. FIN NIFTY OPEN ABOVE 23750: Buy any dip to 23600.
9. FIN NIFTY OPEN BELOW 23630: Sell any consolidation and break below 23550.

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.