PRE MARKET ANALSIS OF NIFTY AND BANK NIFTY FOR 12 FEB 2024

12 feb

12 Feb 2024 Mon
sorry down with severe viral.
WORLD MARKET
1. US and Europe is looking bullish. Asia is consolidating with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is still above 15.
2. Market can go fully bullish only if VIX moves below 15.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank on daily chart is looking bearish. It has resistance at 1415 and support at 1370.
2. ICICI Bank has support at 1005 and it can turn bullish above 1015.
3. Reliance is bullish on daily chart and is good to trade on bullish side.
ANALYSIS
1. Nifty has to cross 22000 to turn bullish decisively. Till that time it may remain choppy.
2. Bank Nifty has to clear 46090 to turn fully bullish. Bearish bets can be taken below 45200 levels. Till that time it may remain choppy.
TRADING PLAN.
1. NIFTY OPEN BETWEEN 21730 - 21830 : NO TRADE.
2. NIFTY OPEN ABOVE 21830 : Wait for a consolidation and break above 21870. Tgt 22000 and above.
3. NIFTY OPEN BELOW 21730 Wait for a consolidation and break below 21680.
4. BANK NIFTY OPEN BETWEEN 45400 - 45900 : Any dip to 45400 and move above 45500 can be bought. stoploss at 45400.
5. BANK NIFTY OPEN ABOVE 45900 : Wait for a consolidation and break above 46090.
6.BANK NIFTY OPEN BELOW 45400 : Sell any consolidation and break below 45300. Tgt 45000.
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.