PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 29 OCT 2024

29 Oct 2024
WORLD MARKETS
1. World markets are consolidating with a positive bias.
INDIA VIX AND GIFT NIFTY
1. India VIX has pulled back as explained yesterday. We may see more downside in VIX and a pull back to 24500 - 24700 levels.
2. GIFT NIFTY is indicating a 60 point uptick at 24380 levels. This amounts to 51500 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has support at 1720 levels. 1750 is a good resistance.
2. ICICI Bank is bullish. 1278 is a good support.
3. Reliance because of bonus issue of shares was down 49 %. But it is still bearish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24437 - 24240: Wait for consolidation and break above 24535.
2. NIFTY OPEN ABOVE 24437: Wait for a consolidation and break above 24535 decisively. However any dip below 24350 will be bearish.
3.NIFTY OPEN BELOW 24240: Sell Any rally to 24300.
4.BANK NIFTY OPEN BETWEEN 51430 - 51101: Avoid trade.
5.BANK NIFTY OPEN ABOVE 51430: Wait for a break above 51650 decisively.
6.BANK NIFTY OPEN BELOW 51100:Sell any rally to 51350 levels.
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.PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 29 OCT 2024