PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 26 FEB 2024

25 Feb

26 FEB 2024
WORLD MARKETS
1. All the world markets are looking bullish.
2. US is bullish while Europe is consolidating with a bulllish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 15 indicating bullishness and less fear.
2. GIFT Nifty is indicating 40 points uptick at 22260 levels. This amount to 46900 levels.
3. However GIFT nifty has not given true indication of market direction as witnessed on thursday and friday.
INDEX HEAVY WEIGHTS.
1. HDFC Bank has lot of news flow because of which it has turned volatile. Again 1410 is a good support and any move above 1440 will be positive with a tgt of 1472.
2. ICICI Bank has strong support at 1510 Any break of which will be negative. It is bullish.
3. Reliance is bullish.
ANALYSIS
1. Indices are consolidating with a bullish. Nifty is consolidating between 22000 - 22200 while Bank nifty is lagging but consolidating between 47000 - 46500.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22180 -22250 : Buy any consoldation and break above 22250.
2. NIFTY OPEN ABOVE 22250 : Wait for a consolidation and break above 22310.
3.NIFTY OPEN BELOW 22180 : Wait for a consolidation and break below 22140.
4.BANK NIFTY OPEN BETWEEN 46750 - 46960 :NO TRADE.
5. BANK NIFTY OPEN ABOVE 46960 : Wait for a consolidation between 46950 - 47100 and buy any break out.
6.BANK NIFTY OPEN BELOW 46750: Wait for a consolidation and break below 46500 decisaively. However any rally to 46800 can be sold into for any weakness adding small lots. stoploss 46900.
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.