PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 07 MARCH 2024
06 March 2024
WORLD MARKETS
1. US Markets are looking mixed. S&P and DJI is looking bullish. NASDAQ is looking bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX has reduced while market is bullish. This is very bullish.
2. GIFT Nifty is indicating 60 points uptick at 22550 which is very positive.
INDEX HEAVY WEIGHTS
1. HDFC Bank has very strong support at 1435. 1448 is a strong resistance.
2. ICICI Bank has resistance at 1100. Any opening above 1100 is bullish. while any break down below 1098 decisively is temporarily bearish.
3. Reliance still has strong resistance at 3017.6. If this is broken, then reliance will be very bullish. I remain positive on Reliance.
4. IT twins TCS and Infosys are looking very bullish.
ANALYSIS
1. Nifty and Bank Nifty is looking very positive.
2. Nifty has strong support at 22400 and 47500 for bank nifty.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22550 - 22400 : 22400 is a very strong support .Any dip to 22400 -22300 is a buy.
2. NIFTY OPEN ABOVE 22550 : Wait for a consolidation between 22400 -22550 and buy any break out above 22550. Any dip at 22350 -22400 is a buy. SL 22300.
3. NIFTY OPEN BELOW 22400 : Wait for a consolidation and break above 22400 before buying.
4. BANK NIFTY OPEN BETWEEN 47750 -48160 :Any dip to 47800 and consolidation between 47800 - 48000 is a buy.
5. BANK NIFTY OPEN ABOVE 48160 : Wait for a consolidation between 48160 - 48000 and buy any break out above 48160 decisively.
6.BANK NIFTY OPEN BELOW 47750 : Wait for a consolidation between 48000 - 47750. Any break out above 48000 is a buy. Any break down below 47500 and move above 47750 is a buy. Bearish bets can be taken only below 47500.
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 mixed. S&P and DJI is looking bullish. NASDAQ is looking bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX has reduced while market is bullish. This is very bullish.
2. GIFT Nifty is indicating 60 points uptick at 22550 which is very positive.
INDEX HEAVY WEIGHTS
1. HDFC Bank has very strong support at 1435. 1448 is a strong resistance.
2. ICICI Bank has resistance at 1100. Any opening above 1100 is bullish. while any break down below 1098 decisively is temporarily bearish.
3. Reliance still has strong resistance at 3017.6. If this is broken, then reliance will be very bullish. I remain positive on Reliance.
4. IT twins TCS and Infosys are looking very bullish.
ANALYSIS
1. Nifty and Bank Nifty is looking very positive.
2. Nifty has strong support at 22400 and 47500 for bank nifty.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22550 - 22400 : 22400 is a very strong support .Any dip to 22400 -22300 is a buy.
2. NIFTY OPEN ABOVE 22550 : Wait for a consolidation between 22400 -22550 and buy any break out above 22550. Any dip at 22350 -22400 is a buy. SL 22300.
3. NIFTY OPEN BELOW 22400 : Wait for a consolidation and break above 22400 before buying.
4. BANK NIFTY OPEN BETWEEN 47750 -48160 :Any dip to 47800 and consolidation between 47800 - 48000 is a buy.
5. BANK NIFTY OPEN ABOVE 48160 : Wait for a consolidation between 48160 - 48000 and buy any break out above 48160 decisively.
6.BANK NIFTY OPEN BELOW 47750 : Wait for a consolidation between 48000 - 47750. Any break out above 48000 is a buy. Any break down below 47500 and move above 47750 is a buy. Bearish bets can be taken only below 47500.
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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