PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FO 10 MAY 2024
10 MAY 2024
WORLD MARKETS
1. All the world markets are looking bullish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is increasing everyday, indicating more bearishness.
2. GIFT Nifty is indicating a 50 points uptick at 22050 .This amounts to 47600 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has reached a good support level of 1440 - 1420. So we may see some bounce back.
2. ICICI Bank has strong resistance at 1117. It has good support at 1090.
3. Reliance is bearish and has support at 2740.
ANALYSIS
1. The election is making the markets jittery. So this volatility will remain till June 04.
2. So idea is to make best use of it. High volatility also increases option premium and a good entry and exit will definitely benefit. But do not go more than two bars. Book profit after 2 nd bar.
3. Nifty has good support at 21800.
4. Bank nifty has support at 47000.
5. We may opt for sell on rally.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21850 - 22062 : Sell Any rally to 22100 and break below 22000.
2. NIFTY OPEN ABOVE 22062: Wait for a consolidation and break above 22250. However any weakness at 22100 and break below 22000 is a sell.
3.NIFTY OPEN BELOW 21850 :we may expect a pull back to 22000.
4.BANK NIFTY OPEN BETWEEN 47270 - 47730 : Sell any rally to 47700 and break below 47500.
5. BANK NIFTY OPEN ABOVE 47730 : Wait for a break above 48000. However any weakness at 48000 and break below 47700 is a sell.
6. BANK NIFTY OPEN BELOW 47270 : Sell any rally to 47400 - 47500. Tgt 47000.
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 bullish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is increasing everyday, indicating more bearishness.
2. GIFT Nifty is indicating a 50 points uptick at 22050 .This amounts to 47600 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has reached a good support level of 1440 - 1420. So we may see some bounce back.
2. ICICI Bank has strong resistance at 1117. It has good support at 1090.
3. Reliance is bearish and has support at 2740.
ANALYSIS
1. The election is making the markets jittery. So this volatility will remain till June 04.
2. So idea is to make best use of it. High volatility also increases option premium and a good entry and exit will definitely benefit. But do not go more than two bars. Book profit after 2 nd bar.
3. Nifty has good support at 21800.
4. Bank nifty has support at 47000.
5. We may opt for sell on rally.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21850 - 22062 : Sell Any rally to 22100 and break below 22000.
2. NIFTY OPEN ABOVE 22062: Wait for a consolidation and break above 22250. However any weakness at 22100 and break below 22000 is a sell.
3.NIFTY OPEN BELOW 21850 :we may expect a pull back to 22000.
4.BANK NIFTY OPEN BETWEEN 47270 - 47730 : Sell any rally to 47700 and break below 47500.
5. BANK NIFTY OPEN ABOVE 47730 : Wait for a break above 48000. However any weakness at 48000 and break below 47700 is a sell.
6. BANK NIFTY OPEN BELOW 47270 : Sell any rally to 47400 - 47500. Tgt 47000.
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.