PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 05 FEB2024
05 FEB 2024
WORLD MARKETS
1. US is looking extremely bullish with all the indices making positive move. Meta has closed 20 % above its previous day close.
2. Europe is consolidating with a positive bias, whereas Asia is looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 14.6 indicating bullishness.
2. GIFT Nifty is indicating a 35 points downtick which is a flat opening.
INDEX HEAVY WEIGHT.
1. HDFC Bank is looking weak. It has made a bearish engulfing pattern. Any break of 1440 will be bearish while any break above 1485 will be bullish.
2. ICICI Bank on a daily chart is bullish whereas yesterday, it lost all the gains it made and closed in negative. It seems it is consolidating with a negative bias.
3. Reliance is looking extrremely bullish and ready for the next break out. We can trade reliance tomorrow if Bank Nifty and Nifty become range bound.
ANALYSIS
1. World Markets are looking bullish.
2. Nifty has made a hanging man pattern and could not sustain 22000. It need to be seen whether it will cancel out this bearish pattern.
3. Bank Nifty has moved 1200 points Intra day which is very volatile.
3. There has been news of US attack In middle east which may fuel bearishness in market.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21760 -21950 : NO TRADE.
2.NIFTY OPEN ABOVE 21950 : Wait for a consolidation between 21850 - 21950 and break above 22000.
3. NIFTY OPEN BELOW 21750 : Wait for a consolidation and break below 21680 decisively. Any weakness around 21750 repeatedly can be sold into.
4. BANK NIFTY OPEN BETWEEN 46250 - 45700 : Sell any rally to 46200 and break below 46100 decisively. add more if 46000 is decisively broken. Any consolidation at 45700 and move above 46050 is a buy.
2. BANK NIFTY OPEN ABOVE 46200 : Wait for a consolidation at 46250 and break above 46350. Tgt 46500.
3. BANK NIFTY OPEN BELOW 45700 : Sell any rally to 46000.
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 is looking extremely bullish with all the indices making positive move. Meta has closed 20 % above its previous day close.
2. Europe is consolidating with a positive bias, whereas Asia is looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 14.6 indicating bullishness.
2. GIFT Nifty is indicating a 35 points downtick which is a flat opening.
INDEX HEAVY WEIGHT.
1. HDFC Bank is looking weak. It has made a bearish engulfing pattern. Any break of 1440 will be bearish while any break above 1485 will be bullish.
2. ICICI Bank on a daily chart is bullish whereas yesterday, it lost all the gains it made and closed in negative. It seems it is consolidating with a negative bias.
3. Reliance is looking extrremely bullish and ready for the next break out. We can trade reliance tomorrow if Bank Nifty and Nifty become range bound.
ANALYSIS
1. World Markets are looking bullish.
2. Nifty has made a hanging man pattern and could not sustain 22000. It need to be seen whether it will cancel out this bearish pattern.
3. Bank Nifty has moved 1200 points Intra day which is very volatile.
3. There has been news of US attack In middle east which may fuel bearishness in market.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21760 -21950 : NO TRADE.
2.NIFTY OPEN ABOVE 21950 : Wait for a consolidation between 21850 - 21950 and break above 22000.
3. NIFTY OPEN BELOW 21750 : Wait for a consolidation and break below 21680 decisively. Any weakness around 21750 repeatedly can be sold into.
4. BANK NIFTY OPEN BETWEEN 46250 - 45700 : Sell any rally to 46200 and break below 46100 decisively. add more if 46000 is decisively broken. Any consolidation at 45700 and move above 46050 is a buy.
2. BANK NIFTY OPEN ABOVE 46200 : Wait for a consolidation at 46250 and break above 46350. Tgt 46500.
3. BANK NIFTY OPEN BELOW 45700 : Sell any rally to 46000.
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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