PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 04 NOV 2024
04 NOV 2024
WORLD MARKETS
1. All the world Markets are looking bearish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is above 15 indicating high volatility. We may see more volatility in the next 2-3 sessions.
2. GIFT Nifty is indicating a flat opening at 24300 which is a crucial resistance area. Support is at 24200.
INDEX HEAVY WEIGHTS
1. HDFC BANK is looking bullish. it has support at1720 levels. Next tgt can be 1750 levels.
2. ICICI Bank has support at 1275 levels. We may see a move to 1275 before turning bullish. However structure of ICICI Bank chart is bullish.
3. Reliance is still consolidating between 1350 - 1300 with a negative bias.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24328 - 24280 : No Trade.
2. NIFTY OPEN ABOVE 24328 : Wait for a consolidation and break above 24400 decisively.
3. NIFTY OPEN BELOW 24255: wait for a consolidation and break below 24200 decisively.
4.BANK NIFTY OPEN BETWEEN 51775 - 51573 : No Trade.
5.BANK NIFTY OPEN ABOVE 51775: Wait for a consolidation and break above 52040 decisively. Aggressive trader can sell 51500 put for any dip to 51500 - 51600.
6.BANK NIFTY OPEN BELOW 51573: Sell 51800 call for any rally to 51800.
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 looking bearish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is above 15 indicating high volatility. We may see more volatility in the next 2-3 sessions.
2. GIFT Nifty is indicating a flat opening at 24300 which is a crucial resistance area. Support is at 24200.
INDEX HEAVY WEIGHTS
1. HDFC BANK is looking bullish. it has support at1720 levels. Next tgt can be 1750 levels.
2. ICICI Bank has support at 1275 levels. We may see a move to 1275 before turning bullish. However structure of ICICI Bank chart is bullish.
3. Reliance is still consolidating between 1350 - 1300 with a negative bias.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24328 - 24280 : No Trade.
2. NIFTY OPEN ABOVE 24328 : Wait for a consolidation and break above 24400 decisively.
3. NIFTY OPEN BELOW 24255: wait for a consolidation and break below 24200 decisively.
4.BANK NIFTY OPEN BETWEEN 51775 - 51573 : No Trade.
5.BANK NIFTY OPEN ABOVE 51775: Wait for a consolidation and break above 52040 decisively. Aggressive trader can sell 51500 put for any dip to 51500 - 51600.
6.BANK NIFTY OPEN BELOW 51573: Sell 51800 call for any rally to 51800.
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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