PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 30 MAY 2024
30 May 2024
WORLD MARKETS
1. All the world markets are correcting and awaiting the fed announcements.
INDIA VIX AND GIFT NIFTY
1. India VIX is stable at 24 indicating increase in volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC BANK is looking bearish. 1510 is a strong resistance.
2. ICICI Bank has turned bearish. 1115 is strong resistance and 1083 is the next support.
3. Reliance has support at 2875. Any break of this will be bearish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22760 - 22650 : Sell any rally to 22800 and break below 22750.
2. NIFTY OPEN ABOVE 22750 : Wait for a consolidation and break below 22700. However long call can be taken only above 23050.
3. NIFTY OPEN BELOW 22650 : Sell any break below to 22550.
4. BANK NIFTY OPEN BETWEEN 48670 - 48330 : Sell any rally to 48700.
5. BANK NIFTY OPEN ABOVE 48670 : Wait for a consolidation and break above the range.
6. BANK NIFTY OPEN BELOW 48327: Sell any rally to 48500.
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. All the world markets are correcting and awaiting the fed announcements.
INDIA VIX AND GIFT NIFTY
1. India VIX is stable at 24 indicating increase in volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC BANK is looking bearish. 1510 is a strong resistance.
2. ICICI Bank has turned bearish. 1115 is strong resistance and 1083 is the next support.
3. Reliance has support at 2875. Any break of this will be bearish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22760 - 22650 : Sell any rally to 22800 and break below 22750.
2. NIFTY OPEN ABOVE 22750 : Wait for a consolidation and break below 22700. However long call can be taken only above 23050.
3. NIFTY OPEN BELOW 22650 : Sell any break below to 22550.
4. BANK NIFTY OPEN BETWEEN 48670 - 48330 : Sell any rally to 48700.
5. BANK NIFTY OPEN ABOVE 48670 : Wait for a consolidation and break above the range.
6. BANK NIFTY OPEN BELOW 48327: Sell any rally to 48500.
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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