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

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08 APR 2024
WORLD MARKETS
1. US Markets are consolidating with a negative bias.
2. Europe is looking neutral to bearish. Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 12 indicating more bullishness.
2. GIFT Nifty is indicating a 52 point uptick at 22550. This amounts to 48500 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is clearly bullish but it has 200 SMA on daily chart at 1560 levels. This may act as very strong resistance for very short term and may consolidate.
2. ICICI Bank's made a bullish reversal candle. 1090 is a very strong resistance. If it breaks 1995 levels then ICICI Bank may turn bullish.
3. Reliance is taking support at 50 EMA and need to see whether it will bounce back. As of now it is looking bearish.
4. IT is also not supporting Nifty.
ANALYSIS
1. Bank Nifty has turned bullish and is aiming to break all time high at 48600 levels.
2. However Nifty is not getting support from Reliance and IT. That can be seen on Friday close when Nifty closed neutral at 22500, Bank Nifty closed 432 points positive.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22544 - 22485 : No Trade
2.NIFTY OPEN ABOVE 22550 : Buy any dip to 22520 levels.
3. NIFTY OPEN BELOW 22484 : Wait for a consolidation between 22400 -22480. Buy any repeated dip to 22400 and move above 22450.
4.BANK NIFTY OPEN BETWEEN 48670 - 48300 : Buy any dip to 48300.
5.BANK NIFTY OPEN ABOVE 48675: Buy any dip to 48400 - 48300 levels.
6. BANK NIFTY OPEN BELOW 48300: Buy any consolidation between 48300 - 48100 and move above 48300.

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.