PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 04 APR 2024

3 apr

04 Apr 2024
WORLD MARKETS
1. World Markets are consolidating with a negative bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 12 and is challenging 11. We may see more downside.
2. GIFT Nifty is indicating a 72 points uptick at 22500 level.
INDEX HEAVY WEIGHT.
1. HDFC Bank is trying to break out of 1487. It has failed twice. So 1487 is a strong resistance.
2. ICICI Bank is taking support repeatedly at 1070. SO it remains a strong support. 1085 remains a strong resistance.
3. Reliance has turned negative. 2920 remains a strong support. 2970 remains a strong Resistance.
TRADING PLAN
NIFTY OPEN BETWEEN 22440 - 22490 : Sell any rally to 22520 and any reversal pattern. Buy any dip to 22330 and any reversal pattern. Keep strict stop loss.
2.NIFTY OPEN ABOVE 22490:
Wait for a consolidation and break above 22550. However any dip to 22400 is a buy.
3. NIFTY OPEN BELOW 22335 : Sell any rally to 22400 and break below 22300. No trade on short if 22300 is not broken.
4.BANK NIFTY OPEN BETWEEN 47500 - 47700: Sell any Rally to 47700. However check that HDFC Bank or ICICI Bank is bearish.
5.BANK NIFTY OPEN ABOVE 47740 : Wait for a consolidation and buy any break above 47800 only.
6.BANK NIFTY OPEN BELOW 47500 : Sell any rally to 47700.
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.