PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 03 APR 2024
03 APR 2024
WORLD MARKETS
1. US markets are down 1 - 1.5%. Europe is also down by 1.5 % while Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is below 12. It is almost reaching the support zone of 11. we may see a reversal.
2. GIFT Nifty is indicating a 100 point downtick at 22353.
This amounts to 47250 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bullish. But it is facing resistance at 1487.
2. ICICI Bank has made a big red candle. It has support at 1070.
3. Reliance is looking bullish.It is facing resistance at 2990.
ANALYSIS
1. World markets are down by 1.5 %.
2. ICICI Bank is in profit booking mode. So is reliance. It is consolidating with a positive bias.
3. Indices may be facing profit booking and hence is consolidating in a narrow range.
TRADING PLAN
1.NIFTY OPEN BETWEEN 22420 - 22485: No trade.
2.NIFTY OPEN ABOVE 22485: Wait for a consolidation and break above 22530.
3. NIFTY OPEN BELOW 22420: Wait for a consolidation and break below 22365.
4.BANK NIFTY OPEN BETWEEN 47627 - 47463 : NO TRADE.
5.BANK NIFTY OPEN ABOVE 47627: Wait for a consolidation and break above 47710.
6.BANK NIFTY OPEN BELOW 47463: Wait for a break below 47350.
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 are down 1 - 1.5%. Europe is also down by 1.5 % while Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is below 12. It is almost reaching the support zone of 11. we may see a reversal.
2. GIFT Nifty is indicating a 100 point downtick at 22353.
This amounts to 47250 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bullish. But it is facing resistance at 1487.
2. ICICI Bank has made a big red candle. It has support at 1070.
3. Reliance is looking bullish.It is facing resistance at 2990.
ANALYSIS
1. World markets are down by 1.5 %.
2. ICICI Bank is in profit booking mode. So is reliance. It is consolidating with a positive bias.
3. Indices may be facing profit booking and hence is consolidating in a narrow range.
TRADING PLAN
1.NIFTY OPEN BETWEEN 22420 - 22485: No trade.
2.NIFTY OPEN ABOVE 22485: Wait for a consolidation and break above 22530.
3. NIFTY OPEN BELOW 22420: Wait for a consolidation and break below 22365.
4.BANK NIFTY OPEN BETWEEN 47627 - 47463 : NO TRADE.
5.BANK NIFTY OPEN ABOVE 47627: Wait for a consolidation and break above 47710.
6.BANK NIFTY OPEN BELOW 47463: Wait for a break below 47350.
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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