PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 22 OCT 2024

21 oct.

22 Oct 2024
WORLD MARKETS
1. World Markets are making a pull back to 21 SMA. But the trend is bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is again at 13.7 Indicating an increase in volatility.
2. GIFT Nifty is indicating a flat opening as of 2030 Hrs.
INDEX HEAVY WEIGHTS
1. HDFC Bank post result and some news about disinvestment IS UP 2.7 %. It has support at 1714. However any move below 1708 will be bearish as it may try to cover the gap at 1685.
2. ICICI Bank is bullish. It has good support at 1260. However any break of 1250 will again push it back to 1200 levels.
3. Reliance is indecisive as it took rejection at 2740 as discussed yesterday. we may see more consolidation between 2740 - 2710. before it make a move upside or downside.
ANALYSIS
1. NIFTY is still bearish. It could not sustain 24970. 24700 is a good support. Any break of this will give us 24465 levels.
2. Bank Nifty has again closed below 52000. we need to see whether it will break 51800 decisively. Then we can see further downside to 51500.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24862 -24700: Sell any rally to 24975 and break below 24800.
2. NIFTY OPEN ABOVE 24862 : sell any consolidation between 24950 - 24800 and break below 24800 decisively.
3. NIFTY OPEN BELOW 24700: Sell rally to 24800 and break below 24750 decisively.
4. BANK NIFTY OPEN BETWEEN 51764 - 52157: Sell any rally 52157 and break below 51000 decisively.
5. BANK NIFTY OPEN ABOVE 52157: Wait for a consolidation and break above 52350 decisively.
6. BANK NIFTY OPEN BELOW 51760: Sell any rally to 52000.
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.