PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 16 FEB 2024
16 APR 2024
WORLD MARKETS
1. All the world markets are trading with a negative bias. So we cannot expect too much support from World markets. But as of now US markets are trading in positive.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is above 12 indicating more downside risk. We can expect VIX to go upto 14.
2. We can expect a downside of another 1000 points in Bank Nifty and 250 points in Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned very negative. 1502 is a very strong resistance. If it decisively breaks 1495, we can see 1475 as the next target.
2.ICICI Bank is back in the range of 1075 - 1110. If It breaks 1072 decisively, then we can expect 1060.
3. Reliance was the only stock which prevented the fall of Nifty. It was however all over the place and did not give an opportunity for the bears to reach 22200. IT twins were down 1.5 % each.
ANALYSIS
1. World Markets are negative but not bearish.
2. Index heavy weights have turned bearish.
3. However after a fall of 800 points in Bank nifty and 250 in Nifty we may expect a pull back tomorrow. But Any pull back to 22430 will be a sell in nifty and 48100 in bank nifty.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22318 - 22225 : Sell any rally to 22400 levels. Patiently wait.
2. NIFTY OPEN ABOVE 22318 : Sell any rally to 22430 and break below 22350.
3. NIFTY OPEN BELOW 22225 : Buy any move above 22300.
4.BANK NIFTY OPEN BETWEEN 47923 - 47625 : Sell any rally to 48100 and break below 47900.
5.BANK NIFTY OPEN ABOVE 47927 : Buy any consolidation and move above 48100.
6. BANK NIFTY OPEN BELOW 47620 : Any consolidation and move above 47750 is a buy tgt 48050.
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 trading with a negative bias. So we cannot expect too much support from World markets. But as of now US markets are trading in positive.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is above 12 indicating more downside risk. We can expect VIX to go upto 14.
2. We can expect a downside of another 1000 points in Bank Nifty and 250 points in Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned very negative. 1502 is a very strong resistance. If it decisively breaks 1495, we can see 1475 as the next target.
2.ICICI Bank is back in the range of 1075 - 1110. If It breaks 1072 decisively, then we can expect 1060.
3. Reliance was the only stock which prevented the fall of Nifty. It was however all over the place and did not give an opportunity for the bears to reach 22200. IT twins were down 1.5 % each.
ANALYSIS
1. World Markets are negative but not bearish.
2. Index heavy weights have turned bearish.
3. However after a fall of 800 points in Bank nifty and 250 in Nifty we may expect a pull back tomorrow. But Any pull back to 22430 will be a sell in nifty and 48100 in bank nifty.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22318 - 22225 : Sell any rally to 22400 levels. Patiently wait.
2. NIFTY OPEN ABOVE 22318 : Sell any rally to 22430 and break below 22350.
3. NIFTY OPEN BELOW 22225 : Buy any move above 22300.
4.BANK NIFTY OPEN BETWEEN 47923 - 47625 : Sell any rally to 48100 and break below 47900.
5.BANK NIFTY OPEN ABOVE 47927 : Buy any consolidation and move above 48100.
6. BANK NIFTY OPEN BELOW 47620 : Any consolidation and move above 47750 is a buy tgt 48050.
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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