PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 28 OCT 2024
28 OCT 2024
WORLD MARKETS
1. US Markets are mixed. Asia is consolidating with a negative bias. Europe is consolidating with a negative bias.
INDIA VIX
1. INDIA VIX is very high nearing 15. 14.6 is a good resistance.
2. GIFT Nifty is indicating a down tick of 61 points at 24120 levels. This amounts to 50500 for Bank Nifty.
INDEX HEAVY WEIGHTS.
1. HDFC Bank is consolidating with a positive bias. 1730 is a good support.
2. ICICI Bank is range bound between 1270 - 1230 levels.
3. Reliance is bearish with a target of 2550 levels. However it has support at 2630 at 200 SMA.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24281 - 24080: Sell any rally to 24350.
2.NIFTY OPEN ABOVE 24350: Sell any rally to 24500.
3.BANK NIFTY OPEN BELOW 24080: Sell any rally to 24100.
4.BANK NIFTY OPEN BETWEEN 50500 -51150: Sell any rally to 51350.
5.BANK NIFTY OPEN ABOVE 50150: Sell any rally to 51350 and break below 51000 decisively.
6.BANK NIFTY OPEN BELOW 50500: Sell any rally to 50800 and fall below 50700.
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 mixed. Asia is consolidating with a negative bias. Europe is consolidating with a negative bias.
INDIA VIX
1. INDIA VIX is very high nearing 15. 14.6 is a good resistance.
2. GIFT Nifty is indicating a down tick of 61 points at 24120 levels. This amounts to 50500 for Bank Nifty.
INDEX HEAVY WEIGHTS.
1. HDFC Bank is consolidating with a positive bias. 1730 is a good support.
2. ICICI Bank is range bound between 1270 - 1230 levels.
3. Reliance is bearish with a target of 2550 levels. However it has support at 2630 at 200 SMA.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24281 - 24080: Sell any rally to 24350.
2.NIFTY OPEN ABOVE 24350: Sell any rally to 24500.
3.BANK NIFTY OPEN BELOW 24080: Sell any rally to 24100.
4.BANK NIFTY OPEN BETWEEN 50500 -51150: Sell any rally to 51350.
5.BANK NIFTY OPEN ABOVE 50150: Sell any rally to 51350 and break below 51000 decisively.
6.BANK NIFTY OPEN BELOW 50500: Sell any rally to 50800 and fall below 50700.
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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