PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 11 MARCH 2024
10 Mar 2024
WORLD MARKETS
1. US markets are trading lower. This is due to Fed announcement of core Inflation rate on 14 Mar 2024. The Unemployment rate has come higher.
2. Europe is trading bullish while Asia is mixed.
INDIA VIX AND GIFT NIFTY.
1. India VIX is in a comfortable range and GIFT Nifty is indicating a flat to negative opening by 30 points.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bullish. It has a tgt of 1465. 1440 is a good support.
2. ICICI Bank is consolidating with a negative bias. This may restrict Bank nifty move.
3. Reliance has made an engulfing candle. 2920 is a good support. 2968 is a strong resistance. If it crosses 2968, we may expect resumption of uptrend in nifty.
ANALYSIS
1. World markes are consolidating due to US Core Inflation news scheduled on 14 march.
2. Markets may remain rane bound till then with a negative bias.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22520 - 22450 : NO TRADE.
2. NIFTY OPEN ABOVE 22520 : Buy any consolidation between 22480 - 22520 and break above 22520.
3.NIFTY OPEN BELOW 22460 : Wait for a decisive break below 22440. However 22400 is a good sp. Hence downside gains may be less.Better to avoid this trade. However accumulation of puts can be made after repeated reversal from 22450 - 22460 range. SL 22500
4.BANK NIFTY OPEN BETWEEN 47920-47750 : no trade.
BANK NIFTY OPEN ABOVE 47920: Wait for a consolidation between 47800 -48050 . Only buy the break out. Can accumulate at repeated reversal fromm 47800. Agressive buying only above 48050.
6.BANK NIFTY OPEN BELOW 47750 Sell any rally to 48000 and reversal.SL 48100. Tgt 47500.
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 markets are trading lower. This is due to Fed announcement of core Inflation rate on 14 Mar 2024. The Unemployment rate has come higher.
2. Europe is trading bullish while Asia is mixed.
INDIA VIX AND GIFT NIFTY.
1. India VIX is in a comfortable range and GIFT Nifty is indicating a flat to negative opening by 30 points.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bullish. It has a tgt of 1465. 1440 is a good support.
2. ICICI Bank is consolidating with a negative bias. This may restrict Bank nifty move.
3. Reliance has made an engulfing candle. 2920 is a good support. 2968 is a strong resistance. If it crosses 2968, we may expect resumption of uptrend in nifty.
ANALYSIS
1. World markes are consolidating due to US Core Inflation news scheduled on 14 march.
2. Markets may remain rane bound till then with a negative bias.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22520 - 22450 : NO TRADE.
2. NIFTY OPEN ABOVE 22520 : Buy any consolidation between 22480 - 22520 and break above 22520.
3.NIFTY OPEN BELOW 22460 : Wait for a decisive break below 22440. However 22400 is a good sp. Hence downside gains may be less.Better to avoid this trade. However accumulation of puts can be made after repeated reversal from 22450 - 22460 range. SL 22500
4.BANK NIFTY OPEN BETWEEN 47920-47750 : no trade.
BANK NIFTY OPEN ABOVE 47920: Wait for a consolidation between 47800 -48050 . Only buy the break out. Can accumulate at repeated reversal fromm 47800. Agressive buying only above 48050.
6.BANK NIFTY OPEN BELOW 47750 Sell any rally to 48000 and reversal.SL 48100. Tgt 47500.
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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