PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 14 AUG 2024
14 Aug 2024
WORLD MARKETS
1. World markets have rallied post fall.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 16 indicating volatility.
2. GIFT Nifty is indicating a 55 points uptick. This amounts to 50000 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has support at 1600 - 1590. Any break of this will give us 1550.
2. ICICI Bank has support has support at 1160 and resistance at 1172. Any break of these levels will give direction to bank nifty .
3. Reliance has resistance at 2950 and support at 2140.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24205 - 24072: No Trade.
2.NIFTY OPEN ABOVE 24205: Sell any rally to 24300.
3.NIFTY OPEN BELOW 24072: Sell any rally to 24200.
4. BANK NIFTY OPEN BETWEEN 50044- 49617: Sell any rally to 50000.
5. BANK NIFTY OPEN ABOVE 50044: Wait for a consolidation and break above 50200.
6.BANK NIFTY OPEN BELOW 49600: Buy any move above 49800 with consolidation.
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 have rallied post fall.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 16 indicating volatility.
2. GIFT Nifty is indicating a 55 points uptick. This amounts to 50000 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has support at 1600 - 1590. Any break of this will give us 1550.
2. ICICI Bank has support has support at 1160 and resistance at 1172. Any break of these levels will give direction to bank nifty .
3. Reliance has resistance at 2950 and support at 2140.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24205 - 24072: No Trade.
2.NIFTY OPEN ABOVE 24205: Sell any rally to 24300.
3.NIFTY OPEN BELOW 24072: Sell any rally to 24200.
4. BANK NIFTY OPEN BETWEEN 50044- 49617: Sell any rally to 50000.
5. BANK NIFTY OPEN ABOVE 50044: Wait for a consolidation and break above 50200.
6.BANK NIFTY OPEN BELOW 49600: Buy any move above 49800 with consolidation.
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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