PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 15JUL 2024

14 Jul

15 JUL 2024
WORLD MARKETS
1.S&P AND NASDAQ looks over bought while DJI look bullish.
2. Europe is looking bullish.
3. Asia is consolidating with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 15 indicating bullishness. GIFT Nifty is indicating a 60 points uptick at 24560 levels. This amounts to 52500 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has taken support at 1600-1610. This a good support and any break of 1600 will be very bearish.
2. ICICI Bank has support at 1220. Any break of this will get us to 1190.
3. Reliance is consolidating with a bullish bias. Next Tgt will be 3250 levels. 3150 seems to be a good support.

ANALYSIS
1. Since SEBI has come up with lot of proposals, one proposal that may affect option buyers will be only one contract expiry in a week. It means we may have different expiry each week like Nifty one week Bank Nifty next week and So on. This is my Guess.
2. So better to include FinNifty in the analysis so that there will be more options to trade index.
3. Stock options may become too costly for option buyers as per new rules if implemented.

TRADING PLAN.
1. NIFTY OPEN BETWEEN 24430 - 24573 : Any dip to 24430 is a buy.
2. NIFTY OPEN ABOVE 24570: Wait for a dip to 24500 .
3.NIFTY OPEN BELOW 24430 : Wait for a consolidation and move above 24475.

4. BANK NIFTY OPEN BETWEEN 52110 - 52452 ; No Trade.
5. BANK NIFTY OPEN ABOVE 52450: Wait for a consolidation and break above 52535.
6. BANK NIFTY OPEN BELOW 52100 : Sell any rally to 52400.

7. FIN NIFTY OPEN BETWEEN 23530 - 23676: NO TRADE.
8.FIN NIFTY OPEN ABOVE 23676: Buy any consolidation and break above 23750.
9.FIN NIFTY OPEN BELOW 23500 : Sell any consolidation and break below 23430.

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.