PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 08 JUL 2024
08 JUL 2024
WORLD MRKETS
1. US markets are looking bullish ahead of FOMC meet. Powell announcement will be there on 10 Jul 2024. Inflation data is also expected on 11 Jul.
2. Europe is neutral while Asia is bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 13 indicating more bullishness to continue.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS.
1.HDFC Bank result has spooked the banking indices. We have to see how other banks react to their results. 1620 is the next support. 1670 is the immediate resistance.
2. ICICI Bank actually stopped the fall of both Nifty and Bank nifty. It has good support at 1220 and next tgt can be 1250.
3. Reliance has broken out and is very bullish. However after 2.3% rise, it may consolidate. Next Tgt is 3200.
ANALYSIS
1. Nifty is holding on to 24300 levels. While bank Nifty has broken below 53000. But it is taking support at 52500. We have to see whether it will hold. Immediate resistance for Bank Nifty is 52800.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24270 - 24375: Buy any dip to 24270.
2.NIFTY OPEN ABOVE 24370: Wait for a dip to 24300 before going long.
3.NIFTY OPEN BELOW 24270: If It consolidate and break above 24270, it is a buy. But if it consolidate and break below 24150, it is a sell.
4. BANK NIFTY OPEN BETWEEN 52500 - 52800: No trade.
5. BANK NIFTY OPEN ABOVE 52800: Wait for a break out above 52960. Any dip to 52700 will be a buy.
6.BANK NIFTY OPEN BELOW 52500: Wait for a consolidation and break below 52300 decisively. However any rally to 52500 can be sold into.
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 MRKETS
1. US markets are looking bullish ahead of FOMC meet. Powell announcement will be there on 10 Jul 2024. Inflation data is also expected on 11 Jul.
2. Europe is neutral while Asia is bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 13 indicating more bullishness to continue.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS.
1.HDFC Bank result has spooked the banking indices. We have to see how other banks react to their results. 1620 is the next support. 1670 is the immediate resistance.
2. ICICI Bank actually stopped the fall of both Nifty and Bank nifty. It has good support at 1220 and next tgt can be 1250.
3. Reliance has broken out and is very bullish. However after 2.3% rise, it may consolidate. Next Tgt is 3200.
ANALYSIS
1. Nifty is holding on to 24300 levels. While bank Nifty has broken below 53000. But it is taking support at 52500. We have to see whether it will hold. Immediate resistance for Bank Nifty is 52800.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24270 - 24375: Buy any dip to 24270.
2.NIFTY OPEN ABOVE 24370: Wait for a dip to 24300 before going long.
3.NIFTY OPEN BELOW 24270: If It consolidate and break above 24270, it is a buy. But if it consolidate and break below 24150, it is a sell.
4. BANK NIFTY OPEN BETWEEN 52500 - 52800: No trade.
5. BANK NIFTY OPEN ABOVE 52800: Wait for a break out above 52960. Any dip to 52700 will be a buy.
6.BANK NIFTY OPEN BELOW 52500: Wait for a consolidation and break below 52300 decisively. However any rally to 52500 can be sold into.
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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