PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 14 FEB 2024

13 Şub

14 FEB 2024
WORLD MARKETS
1. US markets have opened gap down and is trading in red with 1.0% - 1.5% downtick.
2. Europe is also trading in red. It has turned negative.
3. Asia is trading in positive.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 16 indicating increase in fear.
2. GIFT Nifty is indicating 162 point downtick at 21581. This amounts to 500 points downtick for bank nifty at 45100.
INDEX HEAVY WEIGHTS
1. HDFC BANK has strong support at 1370. 1400 is a strong resistance.
2. ICICI Bank is looking bullish. It has resistance at 1027 and support is seen at 1000.
3. Reliance is looking bullish. It has strong resistance at 2950. Support can be seen at 2908.
ANALYSIS
1. US markets have gapped down after the inflation result came worse than expected and no possibility of rate cut in near future.
2. Also there have been fear that due to high interest rate, US may fall into recession.
3. These moves are going to affect Indian Markets a bit.
4. However Indian markets fundamentally is looking strong. But we may expect markets moving downwards.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21680 - 21800: Wait for a direction in the market or avoid trading.
2. NIFTY OPEN ABOVE 21800 :Wait for a consolidation and break above 21840.
3. Nifty open below 21680: Sell any rally to 21700.
4. BANK NIFTY OPEN BETWEEN 45750 - 45250 : Wait for a consolidation and break above 45800 decisively.
5. BANK NIFTY OPEN ABOVE 45800 : Wait for a consolidation and break above 46020.
6. BANK NIFTY OPEN BELOW 45250 : Sell any consolidation and break below 45000.
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.