PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 29 JUL 2024
29 JUL 2024
WORLD MARKETS
1. US and Asia are trading with a negative bias, while Europe is trading with a positive bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 12.9 indicating increase in volatility.
2. GIFT Nifty is indicating 111 points downtick as of now at 24720. This amounts to 52100 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is in a range between 1640 - 1590. Any break of this range will give direction to Bank Nifty.
2. ICICI Bank has made a gravestone doji. 1200 seems to be a good support.
3. Reliance is looking bullish. 3010 is a good support.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24900 - 24770 : No trade.
2. NIFTY OPEN ABOVE 24900: Wait for a break out above 25000 decisively. look for consolidation between 24900 - 25000.
3.NIFTY OPEN BELOW 24770: Wait for a consolidation and break below 24700.
4. BANK NIFTY OPEN BETWEEN 51720 - 51088: Sell any rally to 51800 and break below 51500 decisively.
5. BANK NIFTY OPEN BELOW 51086: Sell any rally to 51650 and break below 51400 decisively.
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. US and Asia are trading with a negative bias, while Europe is trading with a positive bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 12.9 indicating increase in volatility.
2. GIFT Nifty is indicating 111 points downtick as of now at 24720. This amounts to 52100 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is in a range between 1640 - 1590. Any break of this range will give direction to Bank Nifty.
2. ICICI Bank has made a gravestone doji. 1200 seems to be a good support.
3. Reliance is looking bullish. 3010 is a good support.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24900 - 24770 : No trade.
2. NIFTY OPEN ABOVE 24900: Wait for a break out above 25000 decisively. look for consolidation between 24900 - 25000.
3.NIFTY OPEN BELOW 24770: Wait for a consolidation and break below 24700.
4. BANK NIFTY OPEN BETWEEN 51720 - 51088: Sell any rally to 51800 and break below 51500 decisively.
5. BANK NIFTY OPEN BELOW 51086: Sell any rally to 51650 and break below 51400 decisively.
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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