PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 08 NOV 2024
08 NOV 2024
WORLD MARKETS
1. US markets are looking bullish while Asia and Europe is consolidating with a bearish bias.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is below 15 indicating reduction in volatility.
2. GIFT Nifty is indicating 42 points uptick at 24250 levels. This amounts to 52050 levels for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC BANK is consolidating with a positive bias. 1730 is still a good support. Any break of 1730 will be bearish.
2. ICICI Bank has closed below 1280. It has support at 1260. It is however trading with a negative bias.
3. Reliance is consolidating between 1330 -1280 levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24240 - 24111 : NO TRADE.
2.NIFTY OPEN ABOVE 24280: Wait for a consolidation between 24250 - 24300 and buy any break out.
3. NIFTY OPEN BELOW 242111: Wait for a consolidation between 24150 - 24100 and sell any break down below 24070.
4.BANK NIFTY OPEN BETWEEN 51380 - 52035 : NO TRADE.
5.BANK NIFTY OPEN ABOVE 52380 : Buy any break out above 52400.
6. BANK NIFTY OPEN BELOW 52035: Wait for a consolidation and break below 51850 decisively.
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 looking bullish while Asia and Europe is consolidating with a bearish bias.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is below 15 indicating reduction in volatility.
2. GIFT Nifty is indicating 42 points uptick at 24250 levels. This amounts to 52050 levels for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC BANK is consolidating with a positive bias. 1730 is still a good support. Any break of 1730 will be bearish.
2. ICICI Bank has closed below 1280. It has support at 1260. It is however trading with a negative bias.
3. Reliance is consolidating between 1330 -1280 levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24240 - 24111 : NO TRADE.
2.NIFTY OPEN ABOVE 24280: Wait for a consolidation between 24250 - 24300 and buy any break out.
3. NIFTY OPEN BELOW 242111: Wait for a consolidation between 24150 - 24100 and sell any break down below 24070.
4.BANK NIFTY OPEN BETWEEN 51380 - 52035 : NO TRADE.
5.BANK NIFTY OPEN ABOVE 52380 : Buy any break out above 52400.
6. BANK NIFTY OPEN BELOW 52035: Wait for a consolidation and break below 51850 decisively.
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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