PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 24 JUL 2024
25 Jul 2024
WORLD MARKETS
1. All the world markets have turned bearish. US markets are down 1 - 1.5%. Asia is down 2 %.
INDIA VIX AND GIFT NIFTY
1. India VIX has crashed by 7% below 12.
2. GIFT Nifty is indicating a 64 points downtick at 24360 levels.
INDEX HEAVY WEIGHTS
1. HDFC Bank has decisively closed below 1611 at 1607. This is bearish. Next support is at 1570 level.
2. ICICI Bank has resistance at 1225 and support at 1215 and at 1200. Any break of 1215 will be bearish.
3. Reliance has resistance at 3005 and support at 2950 levels.
ANALYSIS
1. Today bank nifty underperformed Nifty. It is down 460 points while Nifty is still holding on to 24400 levels.
2. Tomorrow we may see some action in nifty.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24467 - 24357: Wait for a consolidation and break above 24500 decisively.
2.NIFTY OPEN ABOVE 24467: Wait for a consolidation and decisive break above 24500.
3. NIFTY OPEN BELOW 24367: Wait for a consolidation and decisive break below 24300. Alternatively any rally to 24450 and break below 24400 is a sell.
4. BANK NIFTY OPEN BETWEEN 51640 - 51000: Buy any consolidation and break above 51400 decisively. Tgt 51800.
5.BANK NIFTY OPEN ABOVE 51640: Wait for a consolidation and break below 51500.
6.BANK NIFTY OPEN BELOW 51000: Sell any rally to 51400 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.
WORLD MARKETS
1. All the world markets have turned bearish. US markets are down 1 - 1.5%. Asia is down 2 %.
INDIA VIX AND GIFT NIFTY
1. India VIX has crashed by 7% below 12.
2. GIFT Nifty is indicating a 64 points downtick at 24360 levels.
INDEX HEAVY WEIGHTS
1. HDFC Bank has decisively closed below 1611 at 1607. This is bearish. Next support is at 1570 level.
2. ICICI Bank has resistance at 1225 and support at 1215 and at 1200. Any break of 1215 will be bearish.
3. Reliance has resistance at 3005 and support at 2950 levels.
ANALYSIS
1. Today bank nifty underperformed Nifty. It is down 460 points while Nifty is still holding on to 24400 levels.
2. Tomorrow we may see some action in nifty.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24467 - 24357: Wait for a consolidation and break above 24500 decisively.
2.NIFTY OPEN ABOVE 24467: Wait for a consolidation and decisive break above 24500.
3. NIFTY OPEN BELOW 24367: Wait for a consolidation and decisive break below 24300. Alternatively any rally to 24450 and break below 24400 is a sell.
4. BANK NIFTY OPEN BETWEEN 51640 - 51000: Buy any consolidation and break above 51400 decisively. Tgt 51800.
5.BANK NIFTY OPEN ABOVE 51640: Wait for a consolidation and break below 51500.
6.BANK NIFTY OPEN BELOW 51000: Sell any rally to 51400 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.
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