PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 07 OCT 2024
07 Oct 2024
WORLD MARKETS
1. All the world markets are looking Bullish and are up 1% - 1.5%.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 14 indicating increase in volatility.
2. GIFT Nifty is indicating 56 points uptick at 25050. This amounts to 51600 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has very good support at 1640 levels.
2. ICICI Bank has good support at 1200 - 1230.
3. Reliance has support at 2750 levels. we may see some bounce back from here.
ANALYSIS
1. There is Haryana and J&K result on 08 oct 2024. This may affect Nifty on down side.
2. The market may look for dovish comment by RBI MPC meeting.
3. Finally we have result season for QE sep Starting next week.
4. So be ready for some volatility. Market may turn rangebound also for the next few days.
5. Because of high VIX option premium are trading at high value.
TRADING PLAN:
1. NIFTY OPEN BETWEEN 24868 - 25155: NO TRADE.
2. NIFTY OPEN ABOVE 25155 : Wait for a consolidation and break below 25100 decisively.
3.NIFTY OPEN BELOW 24868: Sell any rally to 25000.
4. BANK NIFTY OPEN BETWEEN 51750 - 51200: Sell any rally to 51850 and break below 51700.
5. BANK NIFTY OPEN ABOVE 51750: Wait for a consolidation and break above 52100 decisively. If break down happen below 51700, it is a sell.
6.BANK NIFTY OPEN BELOW 51185: Sell any rally to 51500.
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.
WORLD MARKETS
1. All the world markets are looking Bullish and are up 1% - 1.5%.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 14 indicating increase in volatility.
2. GIFT Nifty is indicating 56 points uptick at 25050. This amounts to 51600 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has very good support at 1640 levels.
2. ICICI Bank has good support at 1200 - 1230.
3. Reliance has support at 2750 levels. we may see some bounce back from here.
ANALYSIS
1. There is Haryana and J&K result on 08 oct 2024. This may affect Nifty on down side.
2. The market may look for dovish comment by RBI MPC meeting.
3. Finally we have result season for QE sep Starting next week.
4. So be ready for some volatility. Market may turn rangebound also for the next few days.
5. Because of high VIX option premium are trading at high value.
TRADING PLAN:
1. NIFTY OPEN BETWEEN 24868 - 25155: NO TRADE.
2. NIFTY OPEN ABOVE 25155 : Wait for a consolidation and break below 25100 decisively.
3.NIFTY OPEN BELOW 24868: Sell any rally to 25000.
4. BANK NIFTY OPEN BETWEEN 51750 - 51200: Sell any rally to 51850 and break below 51700.
5. BANK NIFTY OPEN ABOVE 51750: Wait for a consolidation and break above 52100 decisively. If break down happen below 51700, it is a sell.
6.BANK NIFTY OPEN BELOW 51185: Sell any rally to 51500.
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.
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