PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 14 MARCH 2024.

14 Mar

14 MAR 2024
WORLD MARKETS
1. US markets are consolidating with a positive bias. Europe is bullish. Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX has crashed by 5%. GIFT Nifty is indicating 120 points down tick. This amounts to 350 points for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC bank is looking neutral and consolidating between 1445 - 1465.
2. ICICI Bank is looking bearish. 1090 is still a strong resistance. 1075 is a strong support.
3. Reliance is very bearish. 2875 is a strong resistance.
ANALYSIS
1. Bank Nifty looks bearish and trading below 47000.
2. Nifty on the other hand is trading above 22100.
3. Reliance is bearish and may pull down the Nifty.
TRADING PLAN
1.NIFTY OPEN BETWEEN 22070 - 22230 : Any consolidation between 22000 - 22100 and break above 22150 is a buy. Wait for a consolidation and buy any dip.
2. NIFTY OPEN ABOVE 22230 : Wait for a consolidation between 22100 - 22230 and break above 22230 is a buy.
3.NIFTY OPEN BELOW 22050: Sell any rally to 22100 and break below 22000.
4.BANK NIFTY OPEN BETWEEN 46970 -46610 : Sell any rally to 47050 and break below 47000.
5. BANK NIFTY OPEN ABOVE 46970 : Wait for a break above 47150.
6. BANK NIFTY OPEN BELOW 46610 : Sell any rally to 46800.
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.