PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 13 JUN 2024.
12 Jun 2024
WORLD MARKETS
1. World Markets are looking bullish and awaiting FOMC meeting result
INDIA VIX AND GIFT NIFTY
1. India VIX is at 14 indicating reduction in volatility. This will result in reduced premium and less movement in option prices.
2. GIFT Nifty is indicating 80 point uptick as of now which amounts to 23400 which is a strong resistance.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a bullish bias. 1563 is a good support.
2. ICICI Bank is moving in a broad range of 1110 -1135.
3. Reliance is looking bullish.2910 is a good support.
TRADING PLAN
1.NIFTY OPEN BETWEEN 23363 - 23280 : No Trade.
2.NIFTY OPEN ABOVE 23363 : Wait for a consolidation and break above 23400.
3.BANK NIFTY OPEN BELOW 23280: Sell any rally to 23350.
4.BANK NIFTY OPEN BETWEEN 47750 - 50000: No trade.
5.BANK NIFTY OPEN ABOVE 50000: Buy any consolidation between 49900 - 50040 and buy the break out.
6.BANK NIFTY OPEN BELOW 49750: sell any rally to 49900 and break below 47750 decisively. Tgt 49350.
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. World Markets are looking bullish and awaiting FOMC meeting result
INDIA VIX AND GIFT NIFTY
1. India VIX is at 14 indicating reduction in volatility. This will result in reduced premium and less movement in option prices.
2. GIFT Nifty is indicating 80 point uptick as of now which amounts to 23400 which is a strong resistance.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a bullish bias. 1563 is a good support.
2. ICICI Bank is moving in a broad range of 1110 -1135.
3. Reliance is looking bullish.2910 is a good support.
TRADING PLAN
1.NIFTY OPEN BETWEEN 23363 - 23280 : No Trade.
2.NIFTY OPEN ABOVE 23363 : Wait for a consolidation and break above 23400.
3.BANK NIFTY OPEN BELOW 23280: Sell any rally to 23350.
4.BANK NIFTY OPEN BETWEEN 47750 - 50000: No trade.
5.BANK NIFTY OPEN ABOVE 50000: Buy any consolidation between 49900 - 50040 and buy the break out.
6.BANK NIFTY OPEN BELOW 49750: sell any rally to 49900 and break below 47750 decisively. Tgt 49350.
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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