PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 24 APR 2024
25 APR 2024
WORLD MARKETS
1. US Markets have made a pull back. Asia and Europe has tuned slightly bullish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is below 11 indicating very little volatility. This is the reason we are seeing a very narrow range market. This may continue for few days. Very good to sell straddle or strangle .
2. GIFT Nifty is indicating a flat to negative opening at 35 points.
INDEX HEAVY WEIGHTS
1. HDFC Bank today moved in a range of 10 points. This a veery narrow range. It has made an inside candle at the top of previous day candle. 1521 remains a strong resistance and 1500 remains a strong support.
2. ICICI Bank has taken support at 1090. 1100 is the next tgt.
3. Reliance has turned negative. It has resistance at 2917. Next support is at 2860.
ANALYSIS
1. Nifty seems to be pulled down by Reliance. Hence we may not see any move above 22500 any time soon. It may consolidate between 22400 -22500.
2. Bank Nifty on the other hand is looking bullish. It has sustained above 48100. Now any trending move can only come above 48300 which may be having lot of shorts accumulated.
3. However any dip can be accumulated.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22376 -22427. NO TRADE.
2.NIFTY OPEN ABOVE 22430: Wait for a consolidation and break above 22460 decisively. However can accumulate at lower levels. Any weakness at 22450, exit all long.
3.NIFTY OPEN BELOW 22375: Any rally to 22420 can be sold into.
4. BANK NIFTY OPEN BETWEEN 48250 - 48120: Buy any dip to 48100 stop loss 48050.
5.BANK NIFTY OPEN ABOVE 48250: Wait for a consolidation between 48200-48300: Accumulate at lower levels. Trending move can only be seen above 48300 decisively.
6.BANK NIFTY OPEN BELOW 48120 : Wait for a consolidation and break below 48930 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 Markets have made a pull back. Asia and Europe has tuned slightly bullish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is below 11 indicating very little volatility. This is the reason we are seeing a very narrow range market. This may continue for few days. Very good to sell straddle or strangle .
2. GIFT Nifty is indicating a flat to negative opening at 35 points.
INDEX HEAVY WEIGHTS
1. HDFC Bank today moved in a range of 10 points. This a veery narrow range. It has made an inside candle at the top of previous day candle. 1521 remains a strong resistance and 1500 remains a strong support.
2. ICICI Bank has taken support at 1090. 1100 is the next tgt.
3. Reliance has turned negative. It has resistance at 2917. Next support is at 2860.
ANALYSIS
1. Nifty seems to be pulled down by Reliance. Hence we may not see any move above 22500 any time soon. It may consolidate between 22400 -22500.
2. Bank Nifty on the other hand is looking bullish. It has sustained above 48100. Now any trending move can only come above 48300 which may be having lot of shorts accumulated.
3. However any dip can be accumulated.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22376 -22427. NO TRADE.
2.NIFTY OPEN ABOVE 22430: Wait for a consolidation and break above 22460 decisively. However can accumulate at lower levels. Any weakness at 22450, exit all long.
3.NIFTY OPEN BELOW 22375: Any rally to 22420 can be sold into.
4. BANK NIFTY OPEN BETWEEN 48250 - 48120: Buy any dip to 48100 stop loss 48050.
5.BANK NIFTY OPEN ABOVE 48250: Wait for a consolidation between 48200-48300: Accumulate at lower levels. Trending move can only be seen above 48300 decisively.
6.BANK NIFTY OPEN BELOW 48120 : Wait for a consolidation and break below 48930 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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