PRE MARKET ANALYSIS OF NOIFTY AND BANK NIFTY FOR 03 OCT 2024

Oct 2

03 Oct 2024
WORLD MARKETS
1. World Markets are looking very bullish.
2. However the Israeli conflict may have some implications on the market.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 12 indicating a reduction in volatility.
2. GIFT Nifty is indicating a 229 points downtick at 25800. This amounts to 500 points downtick at 52300.
INDEX HEAVY WEIGHTS
1. HDFC bank is taking support at 1714. Any break of 1714 will be bearish with a tgt of 1697.
2. ICICI Bank has resistance at 1280. Next support is at 1250.
3. Reliance has support at 2900.However it is very bearish.

ANALYSIS
1. World Markets are looking on backfoot post Escalation in Israel conflict. THE SEBI DECISION TO INCREASE THE CONTRACT VALUE TO 15 - 20 LAKH may have some effect on the market.
TRADING PLAN
1. NIFTY OPEN BETWEEN 25700 - 25850 : NO TRADE.
2. NIFTY OPEN ABOVE 25850: Sell any rally to 25900.
3. NIFTY OPEN BELOW 25750: Wait for a consolidation and wait for a direction in the market.
4.BANK NIFTY OPEN BETWEEN 53057 - 52800: NO TRADE.
5. BANK NIFTY OPEN ABOVE 53057: Wait for a consolidation and break above 53240. If break happen below 53000 , sell.
6.BANK NIFTY OPEN BELOW 52800: Wait for a consolidation and break below 52700 decisively. However if the open happen at 52200, wait for a consolidation and break below 52000 decisively. If market pull back immediately to 52500 -52700 levels, then sell .
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.