PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 12 APR 2024
12 APR 2024
WORLD MARKETS
1. World markets have turned negative.
2. US markets have turned slightly bearish. May be profit booking.
3. However Asia and Europe has also turned slightly bearish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is at it lowest at 11. Usually there will be a spike if it stays down for too long.
2. GIFT Nifty is indicating 62 points uptick at 22800. This amounts to 49200 for Bank Nifty. Last two three days any gap up has been sold into and then there will be consolidation and break out in the end of the day.
INDEX HEAVY WEIGHTS
1. HDFC Bank is heading for 1520 which is a very good support.
2. ICICI Bank on the other hand is getting support at 1110. Any decisive break of 1110 will be bearish for short term for ICICI Bank as it will be back in the range of 1077 - 1110.
3. Reliance is clearly very choppy. It has no direction.
ANALYSIS
1. US headline Inflation has come very bad and hopes of Interest rate cut has died down. So US markets has reacted to the same.
2. Uday Kotak Ex CEO of Kotak Bank has tweeted that we may see turbulence in world markets.
3. However Indian Indices are at all time high and looking very bullish on daily charts. Nifty may head towards 23160 levels if it decisively break 22775. Similarly Bank Nifty is looking at 49500 levels. Given that HDFC & ICICI Bank are bullish, we may get this target in this month only BUT WITH LOT OF VOLATILITY.
3.Third week of march the result season starts. So also first phase of election and exit polls.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22780 - 22720 : No Trade.
2. NIFTY OPEN ABOVE 222780 : Any dip to 22700 can be accumulated with strict stop loss. However buying can happen only above 22780 decisively.
3.NIFTY OPEN BELOW 22720: Wait for a consolidation and break below 22650. However short can be accumulated at repeated rejection at 22750. SL 22780.
4.BANK NIFTY OPEN BETWEEN 49100 - 48880: Any dip to 48800 and move above 48880 is an accumulation zone SL 48750.
5.BANK NIFTY OPEN ABOVE 49100: Any dip to 48900 is a buy.
6.BANK NIFTY OPEN BELOW 48880 : Any consolidation and break below 48750 is a sell but sell all rally to 48900.
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 turned negative.
2. US markets have turned slightly bearish. May be profit booking.
3. However Asia and Europe has also turned slightly bearish.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is at it lowest at 11. Usually there will be a spike if it stays down for too long.
2. GIFT Nifty is indicating 62 points uptick at 22800. This amounts to 49200 for Bank Nifty. Last two three days any gap up has been sold into and then there will be consolidation and break out in the end of the day.
INDEX HEAVY WEIGHTS
1. HDFC Bank is heading for 1520 which is a very good support.
2. ICICI Bank on the other hand is getting support at 1110. Any decisive break of 1110 will be bearish for short term for ICICI Bank as it will be back in the range of 1077 - 1110.
3. Reliance is clearly very choppy. It has no direction.
ANALYSIS
1. US headline Inflation has come very bad and hopes of Interest rate cut has died down. So US markets has reacted to the same.
2. Uday Kotak Ex CEO of Kotak Bank has tweeted that we may see turbulence in world markets.
3. However Indian Indices are at all time high and looking very bullish on daily charts. Nifty may head towards 23160 levels if it decisively break 22775. Similarly Bank Nifty is looking at 49500 levels. Given that HDFC & ICICI Bank are bullish, we may get this target in this month only BUT WITH LOT OF VOLATILITY.
3.Third week of march the result season starts. So also first phase of election and exit polls.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22780 - 22720 : No Trade.
2. NIFTY OPEN ABOVE 222780 : Any dip to 22700 can be accumulated with strict stop loss. However buying can happen only above 22780 decisively.
3.NIFTY OPEN BELOW 22720: Wait for a consolidation and break below 22650. However short can be accumulated at repeated rejection at 22750. SL 22780.
4.BANK NIFTY OPEN BETWEEN 49100 - 48880: Any dip to 48800 and move above 48880 is an accumulation zone SL 48750.
5.BANK NIFTY OPEN ABOVE 49100: Any dip to 48900 is a buy.
6.BANK NIFTY OPEN BELOW 48880 : Any consolidation and break below 48750 is a sell but sell all rally to 48900.
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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