PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 24 OCT 2024
24Oct 2024
WORLD MARKETS
1. World Markets are pulling back. This may have some effect on the Indian Indices.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 14 indicating more volatility to come. However volatility is good for option buyers if traded carefully.
2. GIFT Nifty is indicating a flat opening as of now.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned range bound between 1750 - 1680 levels with a bullish bias.
2. ICICI Bank is also consolidating between 1270-1230 levels.
3. Reliance is bearish and again closed below 2700. We can still expect a target of 2620 levels.
ANALYSIS
1. Today was Bank Nifty expiry and it was in a tight range of 51300 - 51200 and has closed between this range.
2. Nifty was bearish but was supported by Bank Nifty and IT twins TCS and Infosys.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24500 - 24372: No Trade.
2. NIFTY OPEN ABOVE 24500: Wait for a consolidation and break above 24650 decisively.
3.NIFTY OPEN BELOW 24370: Sell any rally to 24500.
4.BANK NIFTY OPEN BETWEEN 51364 - 51115: NO Trade.
5.BANK NIFTY OPEN ABOVE 51361: Sell any rally to 51550.
6.BANK NIFTY OPEN BELOW 51100: Sell any rally to 51400.
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. World Markets are pulling back. This may have some effect on the Indian Indices.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 14 indicating more volatility to come. However volatility is good for option buyers if traded carefully.
2. GIFT Nifty is indicating a flat opening as of now.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned range bound between 1750 - 1680 levels with a bullish bias.
2. ICICI Bank is also consolidating between 1270-1230 levels.
3. Reliance is bearish and again closed below 2700. We can still expect a target of 2620 levels.
ANALYSIS
1. Today was Bank Nifty expiry and it was in a tight range of 51300 - 51200 and has closed between this range.
2. Nifty was bearish but was supported by Bank Nifty and IT twins TCS and Infosys.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24500 - 24372: No Trade.
2. NIFTY OPEN ABOVE 24500: Wait for a consolidation and break above 24650 decisively.
3.NIFTY OPEN BELOW 24370: Sell any rally to 24500.
4.BANK NIFTY OPEN BETWEEN 51364 - 51115: NO Trade.
5.BANK NIFTY OPEN ABOVE 51361: Sell any rally to 51550.
6.BANK NIFTY OPEN BELOW 51100: Sell any rally to 51400.
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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