PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 28 APR 2024

28 thg 4

29 APR 2024
WORLD MARKETS
1. US markets are consolidating with a negative bias.
2. Europe and Asia is consolidating with a positive bias.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is below 11. GIFT Nifty is indicating a 75 points uptick at 22490. This amounts to 48400 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a positive bias. It has support at 1500. 1516 still remains a strong resistance.
2. ICICI Bank is very bullish. It has come up with very good result. But it has moved up quite a bit. 1100 remain a strong support.
3. Reliance is consolidating with a positive bias. 2880 remains a strong support.
ANALYSIS
1. Indices have become very random and volatile. even though the trend is up, but the pull back are so violent that it has become difficult to hold on to intra day trades as stop loss are being hit frequently in spite of low VIX at 11. PLEASE TRADE WITH VERY LESS LOTS.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22360 - 22480 : no trade.
2.NIFTY OPEN ABOVE 22480: Wait for a consolidation and break above 22530 levels.
3. NIFTY OPEN BELOW 22360 : Buy any consolidation and break above 22400. Any weakness at 48300 can be sold into.
4. BANK NIFTY OPEN BETWEEN 48050 - 48375: NO TRADE.
5. BANK NIFTY OPEN ABOVE 48375 : Wait for a consolidation and break above 48500. However if the Bank Nifty after consolidation break below 48300, it will be a sell.
6. BANK NIFTY OPEN BELOW 48033: Sell any rally to 48300. However if it consolidate and break below 47930, then it will be a sell. Tgt 47600.

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.