PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 12 MARCH 2024

12 Mar

12 Mar 2024
WORLD MARKETS
1. US and Europe is consolidating with a negative to neutral bias.
2. Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is flat and GIFT Nifty is also indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank gained 2.2 % and is looking positive.
2. ICICI bank has been very volatile. It is looking neutral.
3. Reliance has moved exactly as per yesterday's range. It is neutral to negative.
ANALYSIS
1. Markets are trading in a range. Nifty is trading between 22500 - 22000.
2. Bank Nifty is trading in the range of 48000 -47000.
TRADING PLAN
1.NIFTY OPEN BETWEEN 22280 - 22390 : NO TRADE.
2.NIFTY OPEN ABOVE 22390 : wait for a consolidation between 22400 - 22450. Buy the break out above 22500.
3.NIFTY OPEN BELOW 22280: Wait for a consolidation between 22300 and 22230 and sell any break down of 22230.
4.BANK NIFTY OPEN BETWEEN 47560 -47000 : NOT TRADE.
5.BANK NIFTY OPEN ABOVE 47560: Wait for a consolidation between 47500 - 47770 and buy the break out. However any move to 47500 can be bought. exit if 47400 is broken.
6. BANK NIFTY OPEN BELOW 47000 : Sell any consolidation between 48000-46800 and a decisive break below 46800.

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.