PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 10 JUL 2024
10 Jul 2024
WORLD MARKETS
1. US market are consolidating with a bullish bias and waiting for FOMC meeting and Inflation date on 11 Jul.
2. Europe is bearish and Asia is bullish.
INDIA VIX AND IGIFT NIFTY
1. India VIX is nearing 15 indicating increase in volatility.
2. GIFT Nifty is indicating a flat start.
INDEX HEAVY WEIGHTS
1. HDFC Bank has taken support at 1620 and bounced back. 1650 is a very strong resistance. If it clears 1650 we may see further upside and Bank nifty may turn bullish.
2. ICICI Bank is very bullish. 1250 is a resistance and if it is cleared then we may get 1270 levels.
3. Reliance has support at 3160 and resistance at 3200. It is being used to manage Nifty. This will benefit option sellers.
ANALYSIS
1. Indices are consolidating with a positive bias.
2. Nifty between 24500 - 24000 and Bank nifty between 52000 - 53000.
3. We may see some intraday spikes but not much can be gained.
4. Option buyers should be happy with 40 -50 points in Nifty and 70 - 80 points in Bank Nifty.
5. Buy on dips will be a good strategy.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24400 - 24463. Buy any dip to 24370 - 24350 levels.
2. NIFTY OPEN ABOVE 24463: Wait for a dip to 24400 before entering.
3,.NIFTY OPEN BELOW 24400 : Wait for a consolidation and move above 24400. However any dip to 24350- 24300 can be accumulated in light quantity.
4.BANK NIFTY OPEN BETWEEN 52470 -52662: No Trade.
5.BANK NIFTY OPEN ABOVE 52660: Wait for a consolidation and break above 52750 decisively. However any dips can be accumulated.
6.BANK NIFTY OPEN BELOW 52470: Any consolidation and break below 52350 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.
WORLD MARKETS
1. US market are consolidating with a bullish bias and waiting for FOMC meeting and Inflation date on 11 Jul.
2. Europe is bearish and Asia is bullish.
INDIA VIX AND IGIFT NIFTY
1. India VIX is nearing 15 indicating increase in volatility.
2. GIFT Nifty is indicating a flat start.
INDEX HEAVY WEIGHTS
1. HDFC Bank has taken support at 1620 and bounced back. 1650 is a very strong resistance. If it clears 1650 we may see further upside and Bank nifty may turn bullish.
2. ICICI Bank is very bullish. 1250 is a resistance and if it is cleared then we may get 1270 levels.
3. Reliance has support at 3160 and resistance at 3200. It is being used to manage Nifty. This will benefit option sellers.
ANALYSIS
1. Indices are consolidating with a positive bias.
2. Nifty between 24500 - 24000 and Bank nifty between 52000 - 53000.
3. We may see some intraday spikes but not much can be gained.
4. Option buyers should be happy with 40 -50 points in Nifty and 70 - 80 points in Bank Nifty.
5. Buy on dips will be a good strategy.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24400 - 24463. Buy any dip to 24370 - 24350 levels.
2. NIFTY OPEN ABOVE 24463: Wait for a dip to 24400 before entering.
3,.NIFTY OPEN BELOW 24400 : Wait for a consolidation and move above 24400. However any dip to 24350- 24300 can be accumulated in light quantity.
4.BANK NIFTY OPEN BETWEEN 52470 -52662: No Trade.
5.BANK NIFTY OPEN ABOVE 52660: Wait for a consolidation and break above 52750 decisively. However any dips can be accumulated.
6.BANK NIFTY OPEN BELOW 52470: Any consolidation and break below 52350 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.
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