PRE MARKET ANALYSIS OF NIFTY ANAD BANK NIFTY FOR 23 OCT 2024

Oct 22

23 OCT 2024
WORLD MARKETS
1. All the world markets are pulling back to their mean reversion.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 14 indicating extremely bearish.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHT
1. HDFC Bank has taken support 1714. Any break of 1710 is bearish for a target of 1680.
2. ICICI Bank is in a range and 1230 is a good support.
3. Reliance has resistance at 2700. Next Target is 2610 which is a good support.
ANALYSIS
1. Indices are in a free fall. So any pull back to 21 SMA is a sell.
2. This is also being fuelled by world markets pulling back.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24600 - 24350 : Sell any rally to 24600.
2. NIFTY OPEN ABOVE 24600: Sell any rally to 24800 and break below 24700 decisively..
3. NIFTY OPEN BELOW 24352: Sell any rally to 24500.
4. BANK NIFTY OPEN BETWEEN 51500 - 50960: Sell any rally to 51500.
5. BANK NIFTY OPEN ABOVE 51500: Sell any consolidation between 51700 - 51500 and decisive break below 51500.
6.BANK NIFTY OPEN BELOW 50950: Sell any rally to 51350.
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.