PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 01 OCT 2024.
01 OCT 2024
WORLD MARKETS
1. US Markets are consolidating, while Europe and Asia is bullish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is above 12 indicating increase in volatility.
2. GIFT Nifty is indicating a 68 point down tick at 25750. This amounts to 52800 for bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is bearish and it has support at 1720 levels.
2. ICICI Bank has good support at 1274.5. Any break of 1270 will be very bearish.
3. Reliance surprisingly down 3 % and is looking bearish.
ANALYSIS
1. Nifty has next support at 25600. While Bank Nifty is still near 53000 and any move above 53200 can turn bank nifty bullish.
2. Bank Nifty expiry is tomorrow. So we may see a surprise up move.
TRADING PLAN
1. NIFTY OPEN BETWEEN 25720 - 25900: Sell any rally to 25900.
2.NIFTY OPEN ABOVE 25900 : wait for a consolidation and break above 26000 decisively.
3.nifty open below 25720: Sell any rally to 25900.
4.BANK NIFTY OPEN BETWEEN 53200 - 52760: NO TRADE.
5.BANK NIFTY OPEN ABOVE 53200: Wait for a consolidation and break above 53350. However any dip can be used to sell 53000 put.
6. BANK NIFTY OPEN BELOW 52758: Sell any rally to 53000.
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. US Markets are consolidating, while Europe and Asia is bullish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is above 12 indicating increase in volatility.
2. GIFT Nifty is indicating a 68 point down tick at 25750. This amounts to 52800 for bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is bearish and it has support at 1720 levels.
2. ICICI Bank has good support at 1274.5. Any break of 1270 will be very bearish.
3. Reliance surprisingly down 3 % and is looking bearish.
ANALYSIS
1. Nifty has next support at 25600. While Bank Nifty is still near 53000 and any move above 53200 can turn bank nifty bullish.
2. Bank Nifty expiry is tomorrow. So we may see a surprise up move.
TRADING PLAN
1. NIFTY OPEN BETWEEN 25720 - 25900: Sell any rally to 25900.
2.NIFTY OPEN ABOVE 25900 : wait for a consolidation and break above 26000 decisively.
3.nifty open below 25720: Sell any rally to 25900.
4.BANK NIFTY OPEN BETWEEN 53200 - 52760: NO TRADE.
5.BANK NIFTY OPEN ABOVE 53200: Wait for a consolidation and break above 53350. However any dip can be used to sell 53000 put.
6. BANK NIFTY OPEN BELOW 52758: Sell any rally to 53000.
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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