PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 08 OCT 2024

7 oct.

08 oct 2024
WORLD MARKETS
1. US is consolidating with a positive bias.
2. Europe is consolidating with a negative bias. Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is still above 15 indicating more bearishness.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS.
1. HDFC Bank has closed below 1630 indicating break of crucial level. 1630 is a strong resistance. It has a tgt of 1560. However any opening above 1640 will be bullish.
2. ICICI Bank is reluctantly moving down. Any open below 1220 will be bearish with a tgt of 1183. 1220 is a good support.
3. Reliance has resistance at 2741. Next tgt at 2650.
ANALYSIS
1. Tomorrow will be election result of Haryana and J&K.
2. Better to be very cautious. Wait for second half to trade. By that time results will be almost out. Even by 1000 Hrs, the trend will be out.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24670 - 24916: NO TRADE.
2. NIFTY OPEN ABOVE 24916: Sell any rally to 25000. Buy only above 25100.
3. NIFTY OPEN BELOW 24671: Sell any rally to 24800.
4.BANK NIFTY OPEN BETWEEN 50921 - 50040: NO TRADE.
5.BANK NIFTY OPEN ABOVE 50921: Wait for a consolidation and break below 50800 decisively.
6. BANK NIFTY OPEN BELOW 50000: Sell any rally to 50500.
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.