PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 01 NOVE 2024
01 Nov 2024
WORLD MARKETS
1. All the world indices have turned bearish. US indices are down by 1.5 % - 2%.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is above 15 indicating bearish tone to continue.
2. GIFT Nifty is indicating 100 points down at 24100 levels. This amount to 51200 levels for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has support at 1715. It is bullish.
2. ICICI Bank has turned negative for the short term. It has support at 1279. It has resistance at 1304. We may see it covering the gap at 1260.
3. Reliance is still consolidating between 1350 - 1300.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24260 - 24150 : No Trade.
2.NIFTY OPEN ABOVE 24260: Sell any rally to 24300.
3. NIFTY OPEN BELOW 24150: Sell any rally to 24200.
4. BANK NIFTY OPEN 51286 - 51663: NO TRADE.
5. BANK NIFTY OPEN ABOVE 51663: Wait for a consolidation and break above 51850.
6. BANK NIFTY OPEN BELOW 51286 : Sell any rally to 51500 and break below 51400.
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 indices have turned bearish. US indices are down by 1.5 % - 2%.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is above 15 indicating bearish tone to continue.
2. GIFT Nifty is indicating 100 points down at 24100 levels. This amount to 51200 levels for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has support at 1715. It is bullish.
2. ICICI Bank has turned negative for the short term. It has support at 1279. It has resistance at 1304. We may see it covering the gap at 1260.
3. Reliance is still consolidating between 1350 - 1300.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24260 - 24150 : No Trade.
2.NIFTY OPEN ABOVE 24260: Sell any rally to 24300.
3. NIFTY OPEN BELOW 24150: Sell any rally to 24200.
4. BANK NIFTY OPEN 51286 - 51663: NO TRADE.
5. BANK NIFTY OPEN ABOVE 51663: Wait for a consolidation and break above 51850.
6. BANK NIFTY OPEN BELOW 51286 : Sell any rally to 51500 and break below 51400.
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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