PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 22 FEB 2024

21 ก.พ.

21 Feb 2024
WORLD MARKETS
1. US markets is consolidating with a positive bias.
2. Asian markets are bullish.
3. Europe is trading with a bearish bias.
4. Today is FOMC metting hence market is cautious.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 16 indicating uncertinity.
2. GIFT Nifty is indicating 79 points up tick at 22130. This amounts to 47200 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still bullish with1410 as a good support. 1450 is a strong resistance.
2. ICICI Bank has strong resistance at 1060 and 1052.
1035 is a good support.
3. Reliance was very volatile and could not sustain above 2960 decisively. 2910 is again a strong support.
ANALYSIS
1. There was a silent expiry of Bank nifty today . Bank Nifty traded between 47300 - 46950 which is a narrow range of 350 points.
2. However Nifty was brought down by tech stocks and Reliance which declined from day high to close at 2935.
3. Today is FOMC decision post mid night hence market is cautious. we may see a gap up or gap down tomorrow.
TRADING PLAN
1.NIFTY OPEN BETWEEN 21985 -21125 : NO TRADE
2. NIFTY OPEN ABOVE 22125 : Wait for a consolidation between 22125 -22200 and buy above 22200 decisively. However any weakness at 22000 and break below 22100 is a sell.
3.NIFTY OPEN BELOW 21985: Wait for a consolidation and break above 22100. However any consolidation and break below 21900 is a sell.
4. BANK NIFTY OPEN BETWEEN 46890 - 47150: Any consolidation between 47000 - 47200 and break above 47300 is a buy.
5.BANK NIFTY OPEN ABOVE 47150 : Any consolidation between 47100 - 47300 and break above 47300 is a buy.
6. BANK NIFTY OPEN BELOW 46890: Any consolidation between 47150 - 46900 and break below 46900 is a sell.
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.