PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 07 MAY 2024
07 MAY 2024
WORLD MARKETS
1. All the world markets are looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 15 indicating high volatility. This is due to nearing of Loksabha elections and results.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a positive bias.1515 remains a strong support and 1535 a strong resistance.
2. ICICI Bank is consolidating with a negative bias for short term. 1160 remain a strong resistance and 1140 remain a good support.
3. Reliance is very bearish. 2825 remain a strong support. Any break of this will be very bearish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22400 - 22490 : NO trade. However any consolidation and break above 22540 is a buy.
2.NIFTY OPEN ABOVE 22490: Any consolidation and break above 22540 is a buy.
3.NIFTY OPEN BELOW 22400 : Any consolidation and break below 22375 is a sell. Tgt 22250.
4.BANK NIFTY OPEN BETWEEN 48750 - 49020 : No trade.
5.BANK NIFTY OPEN ABOVE 49020: Any consolidation and break above 49200 is a buy.
6.BANK NIFTY OPEN BELOW 48760 : Sell any rally to 49990.
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. All the world markets are looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 15 indicating high volatility. This is due to nearing of Loksabha elections and results.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a positive bias.1515 remains a strong support and 1535 a strong resistance.
2. ICICI Bank is consolidating with a negative bias for short term. 1160 remain a strong resistance and 1140 remain a good support.
3. Reliance is very bearish. 2825 remain a strong support. Any break of this will be very bearish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22400 - 22490 : NO trade. However any consolidation and break above 22540 is a buy.
2.NIFTY OPEN ABOVE 22490: Any consolidation and break above 22540 is a buy.
3.NIFTY OPEN BELOW 22400 : Any consolidation and break below 22375 is a sell. Tgt 22250.
4.BANK NIFTY OPEN BETWEEN 48750 - 49020 : No trade.
5.BANK NIFTY OPEN ABOVE 49020: Any consolidation and break above 49200 is a buy.
6.BANK NIFTY OPEN BELOW 48760 : Sell any rally to 49990.
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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