PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 31 OCT 2024.

30 de out.

31 Oct 2024
WORLD MARKETS
1. US Markets are consolidating with a bullish bias.
Europe is mixed. Asia is neutral.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is above 15 indicating more bearishness. May be the fall must have been stopped due to Bank Nifty expiry.
2. We may see resumption of downtrend post this expiry.
3. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a positive bias. 1714 is still a good support.
2. ICICI Bank has resistance at 1317. It has made an inside candle. Which indicates that upside is limited.
3. Reliance has resistance at 1350. Any breach of 1350 will be bullish.
ANALYSIS
1. 24500 - 24200 still remain a good range. trending can only happen beyond this range.
2. Bank Nifty will be in the range 52200 - 51500.
3. We may see more consolidation tomorrow and trending move may happen post expiry
TRADING PLAN
1. NIFTY OPEN BETWEEN 24392 - 24287 : No Trade.
2. NIFTY OPEN ABOVE 24392 : Wait for a consolidation and break above 24450 decisively.
3.BANK NIFTY OPEN BELOW 24287: Wait for a consolidation and break below 24200 decisively.
4. BANK NIFTY OPEN BETWEEN 51935 - 51678: No Trade.
5.BANK NIFTY OPEN ABOVE 51935: Wait for a consolidation and break above 52200 decisively.
6.BANK NIFTY OPEN BELOW 51678: sell any consolidation and break below 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.