PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 12 AUG 2024
12 Aug 2024
WORLD MARKETS
1. World Markets have recovered and made a pull back. But the world markets are still bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is still above 15.3 indicating increase in volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is rangebound. It has support at 1640 and resistance at 1660.
2. ICICI Bank is consolidating between 1160 -1180. Any break of this range will give direction to market.
3. Reliance has support at 2940 and resistance at 2960.
4. It is looking bullish.
TRADING PLAN.
1. NIFTY OPEN BETWEEN 24330 - 24400 : No Trade.
2. NIFTY OPEN ABOVE 24400: Wait for a consolidation and break above 24450.
3.NIFTY OPEN BELOW 24330: Wait for a consolidation and break below 24300 decisively.
4.BANK NIFTY OPEN BETWEEN 50400 - 50575: NoTrade.
5.BANK NIFTY OPEN ABOVE 50575: Wait for a consolidation and break above 50650 decisively.
6.BANK NITFY OPEN BELOW 50400: Wait for a consolidation and break below 50300 decisively.
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 have recovered and made a pull back. But the world markets are still bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is still above 15.3 indicating increase in volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is rangebound. It has support at 1640 and resistance at 1660.
2. ICICI Bank is consolidating between 1160 -1180. Any break of this range will give direction to market.
3. Reliance has support at 2940 and resistance at 2960.
4. It is looking bullish.
TRADING PLAN.
1. NIFTY OPEN BETWEEN 24330 - 24400 : No Trade.
2. NIFTY OPEN ABOVE 24400: Wait for a consolidation and break above 24450.
3.NIFTY OPEN BELOW 24330: Wait for a consolidation and break below 24300 decisively.
4.BANK NIFTY OPEN BETWEEN 50400 - 50575: NoTrade.
5.BANK NIFTY OPEN ABOVE 50575: Wait for a consolidation and break above 50650 decisively.
6.BANK NITFY OPEN BELOW 50400: Wait for a consolidation and break below 50300 decisively.
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.
Disclaimer
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