PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 12 MARCH 2204

11 Mar

12 Mar 2024
WORLD MARKETS
1. All the US markets and Europe is looking berish. Asia has also turned bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is low indicating less volatility.
This also indicates that option premium will move less. So have to be happy with 50 -90 points premium movement .
2. GIFT Nifty is indicating a flat to positive opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned bearish. 1440 is a strong resistance. next tgt for HDFC Bank is 1400 if it break 1420.
2. ICICI Bank has turned bearish for short term. Strong support is at 1075. Any break below 1070 is bearish.
3. Reliance is looking bearish. 2970 is a strong resistance. Next tgt is 2875.
ANALYSIS
1. Indices has turned bearish for short term. 22400 is a strong resistance, whereas 22300 is being held as of now.
2. Bank Nifty has strong resistance at 47500 - 47700 levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22270 - 22400 : Any rally to 22400 is a sell.
2. NIFTY OPEN ABOVE 22400 : Wait for a consolidation and break below 22400 decisively.
3.NIFTY OPEN BELOW 22270 : Sell any rally to 22300 - 22400.
4.BANK NIFTY OPEN BETWEEN 47140 - 47500 : sell any rally to 47500.
5. BANK NIFTY OPEN ABOVE 47500 : Wait for a consolidation between 47700 - 47500 and a decisive break below 47500.
6. BANK NIFTY OPEN BELOW 47150: sell any rally to 47400.

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.