PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 18 MAR 2024
17 Mar 2024
WORLD MARKETS
1. US and Asia is consolidating with a negative bias.
2. Europe is consolidating with a bullish bias.
INDIA VIX AND GIFTNIFTY
1. India VIX is below 14 and GIFT Nifty is indicating 48 points down tick at 21980. This amounts to 46400.
INDIEX HEAVY WEIGHTS
1. HDFC Bank is consolidating between 1435 to 1475. Tomorrow we may see a positive up move.
2. ICICI Bank has taken support at 1070 and is trading above 1075 at 1080.
3. Reliance is taking support at 2830 levels. Reliance is looking very bearish. However it is at a crucial support of 2830.
ANALYSIS
1. Nifty is holding on to 22000 till now. Any decisive break of 22250 will be bullish. However any break of 22000 will lead to 21770.
2. Bank Nifty has very strong resistance at 46900. Any rally to 47000 is a sell. However we may see some consolidation before we see a trending move.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21975 - 22075: NO TRADE. However Any consolidation at 21900 and move above 22000 is a buy.
2. NIFTY OPEN ABOVE 22075 : Wait for a consolidation and break above 22130. However any dip to 21950 is a buy.
3.NIFTY OPEN BELOW 21975: Wait for a consolidation and break below 21900.
BANK NIFTY OPEN BETWEEN 46500 - 46750: Any dip to 46400 and move above 46600 is a buy for a tgt of 46800.
5. BANK NIFT OPEN ABOVE 46750 : Buy any dip to 46500 and move above 46750 is a buy. Tgt 46850 - 46900.
6.BANK NIFTY OPEN BELOW 46500 - 46600 : Sell any rally to 46500. Tgt 46300
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. US and Asia is consolidating with a negative bias.
2. Europe is consolidating with a bullish bias.
INDIA VIX AND GIFTNIFTY
1. India VIX is below 14 and GIFT Nifty is indicating 48 points down tick at 21980. This amounts to 46400.
INDIEX HEAVY WEIGHTS
1. HDFC Bank is consolidating between 1435 to 1475. Tomorrow we may see a positive up move.
2. ICICI Bank has taken support at 1070 and is trading above 1075 at 1080.
3. Reliance is taking support at 2830 levels. Reliance is looking very bearish. However it is at a crucial support of 2830.
ANALYSIS
1. Nifty is holding on to 22000 till now. Any decisive break of 22250 will be bullish. However any break of 22000 will lead to 21770.
2. Bank Nifty has very strong resistance at 46900. Any rally to 47000 is a sell. However we may see some consolidation before we see a trending move.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21975 - 22075: NO TRADE. However Any consolidation at 21900 and move above 22000 is a buy.
2. NIFTY OPEN ABOVE 22075 : Wait for a consolidation and break above 22130. However any dip to 21950 is a buy.
3.NIFTY OPEN BELOW 21975: Wait for a consolidation and break below 21900.
BANK NIFTY OPEN BETWEEN 46500 - 46750: Any dip to 46400 and move above 46600 is a buy for a tgt of 46800.
5. BANK NIFT OPEN ABOVE 46750 : Buy any dip to 46500 and move above 46750 is a buy. Tgt 46850 - 46900.
6.BANK NIFTY OPEN BELOW 46500 - 46600 : Sell any rally to 46500. Tgt 46300
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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