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

25 Mar

25 Mar 2024
WORLD MARKETS
1. World Markets are consolidating with a positive bias.
2. Europe and Asia is looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is trading well below 13 indicating more bullishness. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating in a very narrow range. Any break out from this range will have a trending move.
2. ICICI Bank is again trading between 1100 - 1070.
3. Reliance is trading between 2875 - 2930.
ANALYSIS
1. Nifty and Bank Nifty will remain range bound due to no specific triggers in the market.
2. The Only trading opportunity will be when HDFC Bank falls to 1430 and consolidate and ICICI Bank falls to 1070 and consolidate and reliance fall to 2875 and consolidate. Any up move in any two of this stocks, can be bullish for Nifty.
2. However for Bank nifty Both HDFC and ICICI Bank has to be bullish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22175 - 22020 : Any dip to 22000 and move above 22050 is a buy.
2.NIFTY OPEN ABOVE 22175 : Any dip to 22100 is a buy.
3.NIFTY OPEN BELOW 22020 : Sell any break below 22900. Buy any consolidation between 21950 - 22050.
4. BANK NIFTY OPEN BETWEEN 46750 -47000: Buy any dip to 46800- 46650 and break above 46800.
5.BANK NIFTY OPEN ABOVE 47000: Any consolidation between 46800 and break above 47050 is a buy.
6.BANK NIFTY OPEN BELOW 46750 : Any break below 46500 is a sell. However any consolidation between 46600 - 46800 and break above 46800 is a buy.

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.