PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 21 OCT 2024
21 Oct 2024
WORLD MARKETS
1. All the world Markets are trading bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX has come down by 2.5% and GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank in anticipation of good result has turned positive. It has resistance at 1686 -1700. It can turn bullish only above this.
2. ICICI Bank is rallying before its result on 25 Oct 2024 just Like HDFC Bank did. It has resistance at 1270. Any move above 1270 may turn Bank nifty bullish along with ICICI Bank.
3. Reliance is still very bearish. Yesterday it has made an indecision candle. As expected it pulled back from 2736 levels.
ANALYSIS
1. Bank Nifty has closed decisively above 52000. So 52000 remain a good short term support. So It may trade between 52000 -52700 for a few trading session before making a decision to break out or breakdown. Any opening below 52000 will be considered as bearish.
2. Nifty is still bearish.24975 is a very strong resistance. It can turn bullish only above 25250 levels. Till that time it may remain choppy and trouble Nifty option traders.
3. Better to trade Bank Nifty Monthly option on positive side. Sell put options for any dip.
4. HDFC Bank may show positive move post result which may lift the market.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24886 - 24941: Sell put options for any dip to 24770 levels. Call Buying will not a good option as the Nifty can pick up momentum only above 25250 levels.
2.NIFTY OPEN ABOVE 24941: Wait for a consolidation between 24800 and 25050 and buy any break out.
3. NIFTY OPEN BELOW 24760: Sell any rally to 24800 and break below 24750 levels.
4.BANK NIFTY OPEN BETWEEN 51765 - 51479: Buy any dip to 51900 and move above 52095
5.BANK NIFTY OPEN ABOVE 52430: Sell any rally to 52600 levels.
6.BANK NIFTY OPEN BELOW 51760: Buy any consolidation and break above 52000.
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 trading bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX has come down by 2.5% and GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank in anticipation of good result has turned positive. It has resistance at 1686 -1700. It can turn bullish only above this.
2. ICICI Bank is rallying before its result on 25 Oct 2024 just Like HDFC Bank did. It has resistance at 1270. Any move above 1270 may turn Bank nifty bullish along with ICICI Bank.
3. Reliance is still very bearish. Yesterday it has made an indecision candle. As expected it pulled back from 2736 levels.
ANALYSIS
1. Bank Nifty has closed decisively above 52000. So 52000 remain a good short term support. So It may trade between 52000 -52700 for a few trading session before making a decision to break out or breakdown. Any opening below 52000 will be considered as bearish.
2. Nifty is still bearish.24975 is a very strong resistance. It can turn bullish only above 25250 levels. Till that time it may remain choppy and trouble Nifty option traders.
3. Better to trade Bank Nifty Monthly option on positive side. Sell put options for any dip.
4. HDFC Bank may show positive move post result which may lift the market.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24886 - 24941: Sell put options for any dip to 24770 levels. Call Buying will not a good option as the Nifty can pick up momentum only above 25250 levels.
2.NIFTY OPEN ABOVE 24941: Wait for a consolidation between 24800 and 25050 and buy any break out.
3. NIFTY OPEN BELOW 24760: Sell any rally to 24800 and break below 24750 levels.
4.BANK NIFTY OPEN BETWEEN 51765 - 51479: Buy any dip to 51900 and move above 52095
5.BANK NIFTY OPEN ABOVE 52430: Sell any rally to 52600 levels.
6.BANK NIFTY OPEN BELOW 51760: Buy any consolidation and break above 52000.
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.
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