PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 09 OCT 2024

8 Eki

09 OCT 2024
WORLD MARKETS
1. US Markets are consolidating with a negative bias.
2. Europe and Asia is trading with a negative bias. Hangseng is down 9.4 % after a move of 37 % up move.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is below 14.5 and is still high.
2. GIFT Nifty is indicating 80 points uptick at 25090 levels. This amounts to 51200 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has closed above 1650 indicating pull back may be in order to 1687. we had discussed it yesterday.
2. ICICI Bank is still indecisive with a bearish bias. 1228 is a good support. It has resistance at 1250 level. If it open above this, may be we may see further upside to 1279.
3. Reliance has made a bullish engulfing pattern at the crucial support level of 2775 level. We may see up move to 2856.
ANALYSIS
1. Haryana result is out which was very important for the ruling dispensation.
2. However market was not in a mood to move higher due to RBI Policy tomorrow.
3. It is better to be cautious with a bullish bias. May be we can get a bull run tomorrow.
TRADING PLAN
1. NIFTY OPEN BETWEEN 25930 - 25100 : NO TRADE. However24900 put can be sold for every dip to 25930 levels.
2.NIFTY OPEN ABOVE 25100: Sell 25000 put for any dip to 25000.
3. NIFTY OPEN BELOW 25930: Wait for a consolidation and break below 25830 decisively.
4.BANK NIFTY OPEN BETWEEN 50825 - 51216 : No Trade.
5.BANK NIFTY OPEN ABOVE 51216: Sell put option for any dip to 51000.
6.BANK NIFTY OPEN BELOW 50825: Wait for a consolidation and break below 50700 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.