PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 24 JAN 2024

23 Oca

24 JAN 2024
WORLD MARKETS
1. US markets is still in bullish mode.
2. Europe and Asia is mixed.
3. It seems that the Indian Indices are decoupled with world markets.
INDIA VIX AND GIFT NIFTY
1. India VIX has moved above 14 indicating increased volatility and fear.
2. GIFT Nifty is indicating a 100 points upmove at 21340. This amounts to 300 points for Bank Nifty at 45300 levels.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned bearish. It has resistance at 1450 and support at 1350 levels.
2. ICICI Bank has support at 1027. Any break of this will get us 1010.
3. Reliance may be looking to take support at 2500.
ANALYSIS
1. Indian Indices seems to have decoupled from world market.
2. ICICI Bank and Axis Bank inspite of good results have been collapsing.
3. Reliance is consolidating with a negative bias.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21400 - 21080 : Sell any rally to 21400.
2. NIFTY OPEN ABOVE 21400 : Wait for a consolidation and break above 21550.
3. NIFTY OPEN BELOW 21080 : Sell any rally to 21400.
4. BANK NIFTY OPEN BETWEEN 45500 - 44500 : Sell any rally to 45500.
5. BANK NIFTY OPEN ABOVE 45500 : Sell any consolidation between 45600 - 45500 and break below 45500.
6. BANK NIFTY OPEN BELOW 44500 : Wait for a consolidation and break below 44400.
TOMORROW MAY BE A DAY OF CONSOLIDATION.
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.