PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 31 MAY 2024.
31 May 2024
WORLD MARKETS
1. DJI has turned bearish while S&P and NASDAQ has turned negative. Europe is mixed and Asia is bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 24 indicating very high option premiums.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS.
1. HDFC Bank is consolidating with a bullish bias between 1500 - 1550. 1530 is a strong resistance.
2. ICICI Bank has taken support at 50 SMA. It has resistance at 1120. 1110 remains a good support.
3.Reliance has support at 2920.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22410 - 22566: NO TRADE. However any weakness at 22566 and break below 22500 can be sold into.
2.NIFTY OPEN ABOVE 22566: Accumulate any dip to 22500 and move above 22560. Target 22650.
3.NIFTY OPEN BELOW 22410 :Sell any rally to 22450 and break below 22410.
4.BANK NIFTY OPEN BETWEEN 48880 - 48650: NO TRADE.
5. BANK NIFTY OPEN ABOVE 48880 : Accumulate in small qty any dip to 48700 and buy any decisive move above 49100
6.BANK NIFTY OPEN BELOW 48650: Sell any decisive break below 48450. Target 48100.
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. DJI has turned bearish while S&P and NASDAQ has turned negative. Europe is mixed and Asia is bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 24 indicating very high option premiums.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS.
1. HDFC Bank is consolidating with a bullish bias between 1500 - 1550. 1530 is a strong resistance.
2. ICICI Bank has taken support at 50 SMA. It has resistance at 1120. 1110 remains a good support.
3.Reliance has support at 2920.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22410 - 22566: NO TRADE. However any weakness at 22566 and break below 22500 can be sold into.
2.NIFTY OPEN ABOVE 22566: Accumulate any dip to 22500 and move above 22560. Target 22650.
3.NIFTY OPEN BELOW 22410 :Sell any rally to 22450 and break below 22410.
4.BANK NIFTY OPEN BETWEEN 48880 - 48650: NO TRADE.
5. BANK NIFTY OPEN ABOVE 48880 : Accumulate in small qty any dip to 48700 and buy any decisive move above 49100
6.BANK NIFTY OPEN BELOW 48650: Sell any decisive break below 48450. Target 48100.
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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