PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 01 FEB 2024

31 янв.

01 Feb 2024
WORLD MARKETS
1. US Markets are trading with a negative bias. All the tech Stocks are down 2 - 7%. Micosoft is down 7%.
2. Europe and Asia is trading with a negative bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 15 indicating fear. This is due to events like Fed rate and Interim Budget.
2. GIFT Nifty is indicating a 90 points uptick at 21830. This amounts to 46200 for Bank Nifty.
EVENTS
1. Tomorrow is Interim Budget . It is better to stay out of the market.
2. In US Tech stocks are under pressure. Need to see how this will affect the Nifty.
ANALYSIS
1. Nifty will be in focus tomorrow as it is its expiry.
2. Nifty may also get impacted by the drubbing of tech stocks. However Banking stocks are looking bullish along with Reliance.
ON 29 JAN I had observed that going short is not a good Idea.
TRADING PLAN :
WAIT FOR THE BUDGET SPEECH TO OVER
1. NIFTY OPEN BETWEEN 21630 - 21800 : No Trade.
2. NIFTY OPEN ABOVE 21800 : Wait for a consolidation between 21700 - 21800 and a decisive break above 21800.
3. NIFTY OPEN BELOW 21630 : Wait for a break below 21550.
4. BANK NIFTY OPEN BETWEEN 45650 - 46325 : NO TRADE.
5. BANK NIFTY OPEN ABOVE 46325 : Wait for a consolidation between 46000 - 46325 and a break out.
6. BANK NIFTY OPEN BELOW 45700 : Wait for a consolidation between 45500 - 45700, then wait for a break out above 45700 decisively.If 45500 is broken decisively, then go short.

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.