Nifty 50 IndexLong
PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 06 NOV 2024
06 NOV 2024
WORLD MARKETS
1. World Markets are consolidating with a negative bias.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is above 16 indicating high volatility . However when VIX drops from High, we may see bull move like what we saw today. Vix is down by just 3.5%.
INDEX HEAVY WEIGHTS
1. HDFC BANK has pulled back from 21 SMA. It has moved up with above average volume. We may expect more upside.
2. ICICI Bank has also pulled back from 50 SMA and closed above yesterday high. So here also we can see more upside.
3. Reliance has taken support at 1285. It has closed above 1300. So we may see a move towards 1350 levels.
ANALYSIS
1. However today it is the Bank Nifty which stole the show. It has closed above 51200. So also Nifty has closed above 24200 levels. We have to see whether These levels will hold and Nifty move towards 24500 and Bank Nifty 51700 Levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24319 - 24107: Buy any dip to 24050 and move above 24110.
2.NIFTY OPEN ABOVE 24319: Buy any dip to 24100 and move above 24250.
3.NIFTY OPEN BELOW 24107: Sell any rally to 24200 and fall below 24100.
4. BANK NIFTY OPEN BETWEEN 51800 - 52600: Buy any dip to 51500 levels.
5.BANK NIFTYN OPEN ABOVE 52600 : Sell any break below 52500.
6. BANK NIFTY OPEN BELOW 51800:Buy any move 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. World Markets are consolidating with a negative bias.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is above 16 indicating high volatility . However when VIX drops from High, we may see bull move like what we saw today. Vix is down by just 3.5%.
INDEX HEAVY WEIGHTS
1. HDFC BANK has pulled back from 21 SMA. It has moved up with above average volume. We may expect more upside.
2. ICICI Bank has also pulled back from 50 SMA and closed above yesterday high. So here also we can see more upside.
3. Reliance has taken support at 1285. It has closed above 1300. So we may see a move towards 1350 levels.
ANALYSIS
1. However today it is the Bank Nifty which stole the show. It has closed above 51200. So also Nifty has closed above 24200 levels. We have to see whether These levels will hold and Nifty move towards 24500 and Bank Nifty 51700 Levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24319 - 24107: Buy any dip to 24050 and move above 24110.
2.NIFTY OPEN ABOVE 24319: Buy any dip to 24100 and move above 24250.
3.NIFTY OPEN BELOW 24107: Sell any rally to 24200 and fall below 24100.
4. BANK NIFTY OPEN BETWEEN 51800 - 52600: Buy any dip to 51500 levels.
5.BANK NIFTYN OPEN ABOVE 52600 : Sell any break below 52500.
6. BANK NIFTY OPEN BELOW 51800:Buy any move 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.
Disclaimer
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