Nifty Bank Indexלונג
PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 06 MAR 2024
05 MAR 2024
WORLD MARKETS
1. World markets are consolidating with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is down by 4 % indicating a bullish bias.
2. GIFT Nifty is indicating a flat start.
INDEX HEAVY WEIGHTS
1. HDFC Bank has sucessfully closed above 1440. This is very bullish for HDFC Bank. It has strong support at 1440. Any break down of this will be bearish.
2. ICICI Bank is consolidating with a bullish bias. 1099 is a strong resistance. 1075 is a strong support.
3. Reliance has resistance at 3011.7. 2990 is a strong support.
ANALYSIS
1. Indian Indices have turned bullish.
2. Bank Nifty has closed above 47500 which was crucial resistance. Next Tgt for Bank Nifty is 48130.
3. Nifty underperformed Bank Nifty and closed below 22400.
TRADING PLAN
1.NIFTY OPEN BETWEEN 22300 - 22400 : Buy any dip to 22300 and move above 22400. Can carry light position when it dips to 22300 SL 22250.
2.NIFTY OPEN ABOVE 22400 : Wait for a consolidation and break above 22440.
3.NIFTY OPEN BELOW 22300 : Wait for a consolidation and break below 22250.
4. BANK NIFTY OPEN BETWEEN 47400 - 47730: Any dip to 47400 and move above 47500 is a buy. Light postion can be built when dip happens to 47400 -47300. SL 47200.
5. BANK NIFTY OPEN ABOVE 47730 : Wait for a consolidation between 47600 -47730 and break above 47750. Tgt 48130.
6.BANK NIFTY OPEN BELOW 47420 : Wait for a consolidation between 47250 -47500 and any break above 474500 is a buy. However any break below 47100 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.
WORLD MARKETS
1. World markets are consolidating with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is down by 4 % indicating a bullish bias.
2. GIFT Nifty is indicating a flat start.
INDEX HEAVY WEIGHTS
1. HDFC Bank has sucessfully closed above 1440. This is very bullish for HDFC Bank. It has strong support at 1440. Any break down of this will be bearish.
2. ICICI Bank is consolidating with a bullish bias. 1099 is a strong resistance. 1075 is a strong support.
3. Reliance has resistance at 3011.7. 2990 is a strong support.
ANALYSIS
1. Indian Indices have turned bullish.
2. Bank Nifty has closed above 47500 which was crucial resistance. Next Tgt for Bank Nifty is 48130.
3. Nifty underperformed Bank Nifty and closed below 22400.
TRADING PLAN
1.NIFTY OPEN BETWEEN 22300 - 22400 : Buy any dip to 22300 and move above 22400. Can carry light position when it dips to 22300 SL 22250.
2.NIFTY OPEN ABOVE 22400 : Wait for a consolidation and break above 22440.
3.NIFTY OPEN BELOW 22300 : Wait for a consolidation and break below 22250.
4. BANK NIFTY OPEN BETWEEN 47400 - 47730: Any dip to 47400 and move above 47500 is a buy. Light postion can be built when dip happens to 47400 -47300. SL 47200.
5. BANK NIFTY OPEN ABOVE 47730 : Wait for a consolidation between 47600 -47730 and break above 47750. Tgt 48130.
6.BANK NIFTY OPEN BELOW 47420 : Wait for a consolidation between 47250 -47500 and any break above 474500 is a buy. However any break below 47100 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.
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