PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 19 JAN 2024

1月18日

19 Jan 2024
WORLD MARKETS
1. US is trading mixed with S&P and DJI trading negative while NASDAQ trading with positive bias.
2. Europe is trading negative while Asia is mixed.
GIFT NIFTY AND INDIA VIX
1. India VIX today crashed 6.7% after a huge crash of 400 points in Nifty.
2. Gift Nifty is indicating a 60 points uptick at 21520. This amouts to 45900 levels.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking over sold and it may make a pull back to 1508 levels. 1470 is a good support.
2. ICICI Bank has supoort at 985 and strong resistance at 994.
3. Reliance is looking bullish.
ANALYSIS
1. Indices look oversold after a huge fall. We may see some recovery or consolidation tomorrow.
2. 21300 is a good support for the Nifty and 45500 for Bank Nifty.
TRADING PLAN
1.NIFTY OPEN BETWEEN 21390 - 21532: Any consolidation at 21400 and breakout above 21400 is a buy.
2.NIFTY OPEN ABOVE 21532 : Wait for a consolidation and decisive break above 21602. Alternatively any dip to 21500 and move above 21535 is a buy.
3. NIFTY OPEN BELOW 21390 : Sell any rally to 21430 and break below 21390.
4.BANK NIFTY OPEN BETWEEN 45930 - 45500 : No trade
5.BANK NIFTY OPEN ABOVE 45930 : Wait for a consolidation and break above 46150.
6.BANK NIFTY OPEN BELOW 45500 : Wait for a consolidation and break below 45300. Also any rally to 45750 can bel sold into. However greater risk reward comes after the break below 45300.
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.