PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 29 FEB 2024
29 feb 2024
WORLD MARKETS
1. World markets are consolidating with a positive bias.
INDIA VIX AND GIFT NIFTY
1. India VIX has spiked above 16 @ 16.3.
2. GIFT Nifty is indicating a flat openeing.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned bearish as it has cracked 1410 on down side. Next tgt is at 1392.
2. ICICI Bank has again turned bearish. Now it is below 1050. Next Tgt on downside will be 1028.
3. Reliance has again cracked 2950 on the downside. Next tgt is 2872.
ANALYSIS
1. Nifty has decisively broken 22000 on downside.
2. Bank Nifty has decisively broken 46500 which was holding for past four to five sessions.
3. Market has turned bearish for short term till 22000 and 47000 is reclaimed again.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22040 - 21860 : Any rise to 22100 and break below 22000 is a sell.
2. NIFTY OPEN ABOVE 2240 : Any consolidation between 22040 - 22120 and break above 22120 is a buy. However break below 22040 is a sell.
3. NIFTY OPEN BELOW 21860 : Wait for a move to 22000 to sell for a tgt of 21770.
4. BANK NIFTY OPEN BETWEEN 46200 - 45720 : Any rally to 46500 is a sell.
5.BANK NIFTY OPEN ABOVE 46200 Wait for a consolidation between 46200 - 46500 and sell any move below 46200. However any move above 46850 will be a buy.
6. BANK NIFTY OPEN BELOW 45700 : Any rally to 46000 and break below 45700 is a sell.
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. World markets are consolidating with a positive bias.
INDIA VIX AND GIFT NIFTY
1. India VIX has spiked above 16 @ 16.3.
2. GIFT Nifty is indicating a flat openeing.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned bearish as it has cracked 1410 on down side. Next tgt is at 1392.
2. ICICI Bank has again turned bearish. Now it is below 1050. Next Tgt on downside will be 1028.
3. Reliance has again cracked 2950 on the downside. Next tgt is 2872.
ANALYSIS
1. Nifty has decisively broken 22000 on downside.
2. Bank Nifty has decisively broken 46500 which was holding for past four to five sessions.
3. Market has turned bearish for short term till 22000 and 47000 is reclaimed again.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22040 - 21860 : Any rise to 22100 and break below 22000 is a sell.
2. NIFTY OPEN ABOVE 2240 : Any consolidation between 22040 - 22120 and break above 22120 is a buy. However break below 22040 is a sell.
3. NIFTY OPEN BELOW 21860 : Wait for a move to 22000 to sell for a tgt of 21770.
4. BANK NIFTY OPEN BETWEEN 46200 - 45720 : Any rally to 46500 is a sell.
5.BANK NIFTY OPEN ABOVE 46200 Wait for a consolidation between 46200 - 46500 and sell any move below 46200. However any move above 46850 will be a buy.
6. BANK NIFTY OPEN BELOW 45700 : Any rally to 46000 and break below 45700 is a sell.
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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