PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 22 APR 2024
22 Apr 2024
WORLD MARKETS
1.US Markets are extremely bearish. Europe is also bearish. Asia is looking mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 13 at 13.5. At 14 we may see some of the VIX crashing.
2. GIFT Nifty is indicating 92 points uptick at 22230 levels. This amounts to 47800 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank result is out and it seems that the results are in Line with expectations. So we need to see whether further upside is there in HDFC Bank. It has already moved 2.5 % on friday. However if 1550 is crossed which it could not last time, we may see further upside in Bank Nifty.
2. ICICI Bank has resistance at 1077 levels.
3. Reliance is choppy due to its quarterly result is on Monday. So Nifty may remain choppy.
ANALYSIS
1. Both the indices have taken support at 38.2 % retracement from the recent low.
2. Bank Nifty has resistance at 47500 levels. We need to see whether it will sustain above it tomorrow.
3. Nifty may get choppy due to reliance quarterly result being tomorrow.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22035 - 22260 : NO TRADE.
2. NIFTY OPEN ABOVE 22260. Buy any dip to 22100.
3.NIFTY OPEN BELOW 22035: Sell any rally to 22100.
4. BANK NIFTY OPEN BETWEEN 47880 - 47265 : Any dip to 47300 is a buy.
5.BANK NIFTY OPEN ABOVE 47880 : Wait for a break out above 48035. However any dip to 47500 will be a buy.
6.BANK NIFTY OPEN BELOW 47284: Any rally to 47500 and break below 22300 is a sell. However if consolidation happens between 47300 - 47550 and if there is a break out above 47575, Then it will be a buy.
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.US Markets are extremely bearish. Europe is also bearish. Asia is looking mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 13 at 13.5. At 14 we may see some of the VIX crashing.
2. GIFT Nifty is indicating 92 points uptick at 22230 levels. This amounts to 47800 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank result is out and it seems that the results are in Line with expectations. So we need to see whether further upside is there in HDFC Bank. It has already moved 2.5 % on friday. However if 1550 is crossed which it could not last time, we may see further upside in Bank Nifty.
2. ICICI Bank has resistance at 1077 levels.
3. Reliance is choppy due to its quarterly result is on Monday. So Nifty may remain choppy.
ANALYSIS
1. Both the indices have taken support at 38.2 % retracement from the recent low.
2. Bank Nifty has resistance at 47500 levels. We need to see whether it will sustain above it tomorrow.
3. Nifty may get choppy due to reliance quarterly result being tomorrow.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22035 - 22260 : NO TRADE.
2. NIFTY OPEN ABOVE 22260. Buy any dip to 22100.
3.NIFTY OPEN BELOW 22035: Sell any rally to 22100.
4. BANK NIFTY OPEN BETWEEN 47880 - 47265 : Any dip to 47300 is a buy.
5.BANK NIFTY OPEN ABOVE 47880 : Wait for a break out above 48035. However any dip to 47500 will be a buy.
6.BANK NIFTY OPEN BELOW 47284: Any rally to 47500 and break below 22300 is a sell. However if consolidation happens between 47300 - 47550 and if there is a break out above 47575, Then it will be a buy.
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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