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

3 mar

03 Mar 2024
WORLD MARKETS
1. All The World markets are looking very bullish. US markets were up by almost a percent in all indices
INDIA VIX AND GIFT NIFTY
1. India VIX is below 15 which is a good sign.
2. GIFT Nifty is indicating a 60 point uptick at 22420 levels. This amounts to 47500 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still in the 1440 - 1410 range. If it break above 1440 there will be more upside to Bank Nifty and HDFC Bank. Any consolidation in HDFC BAnk may take BAnk nifty towards 48000.
2. ICICI Bank has turned bullish. It has been trading bullish for the past 3 sessions. It has a tgt of 1090.
3. Reliance is also bullish. 3010 is its next target.
ANALYSIS
1. Indices have turned mildly bullish with 1000 points up move in Bank Nifty and 300 points up move in NIfty.
2. Nifty has crossed all time high and is heading towards 22750.
3. Market is buy on dips for the short term.
TRADING PLAN.
NIFTY OPEN BETWEEN 22250 - 22425 : Buy any dip to 22250 and break above 22300.
NIFTY OPEN ABOVE 22425 : Wait for a dip to 22300 levels before buying.
3. NIFTY OPEN BELOW 22253: Wait for a consolidation and move above 22300 levels.
4.BANK NIFTY OPEN BETWEEN 46950 - 47600 : Buy any dip to 47000 and break above 47100.
5. BANK NIFTY OPEN ABOVE 47600 : Buy any dip to 47300 and move above 47500.
6.BANK NIFTY OPEN BELOW 46950 : Wait for a consolidation between 47000 - 46800. Any move above 47000 is a by and any move below 46800 is a sell.
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.