PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 30 SEP 2024

29 set

30 Sep 2024
WORLD MARKETS
1.World Markets are looking positive post The US Inflation data.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 12 indicating decrease in volatility. Except Bank Nifty and FinNifty, Nifty is still bullish and holding on 26100 level.
2. GIFT Nifty is indicating 64 points downtick at 24289 which is confusing. So we can Ignore GIFT Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank saw rejection at 1790 levels which is all time high. We may see further consolidation between 1700 - 1790 levels before we can see an upside.
2. ICICI Bank has resistance at 1317 and support at 1270 levels.
3. Reliance on the other hand turned bullish and has closed above 3000 decisively. 3078 is a strong resistance.

ANALYSIS
1. Nifty is holding only because of Reliance. If Reliance starts consolidating, then we may see down side in Nifty as Bank Nifty has turned negative for the short term.
2. Wednesday is holiday and hence Bank Nifty expiry is on Tuesday. So need to be careful as there will be drop in premium and market may go sideways. This may push Nifty higher if Reliance rally.
TRADING PLAN
1. NIFTY OPEN BETWEEN 26214 - 26145 : No Trade. However 26100 put can be sold for any dip with strict stop loss.
2. NIFTY OPEN ABOVE 26214: Sell 26200 put for any dip to 26150 levels.
3. NIFTY OPEN BELOW 26142: Wait for a break below 26100 decisively.
4. BANK NIFTY OPEN BETWEEN 54000-53672: Sell any rally to 54000.
5. BANK NIFTY OPEN ABOVE 54000 : Wait for a consolidation and break below 54000 decisively. Bullish bets can be taken only above 54240 levels.
6.BANK NIFTY OPEN BELOW 53672: Sell any rally to 53900 -54000 levels. 53672 is 200 SMA level so need to be careful as we can expect a pull back to 54000 levels.
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.