PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 21 JUL 2024

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21 Jun 2024
WORLD MARKETS.
1. All the world indices are trading in negative for the past 5 days.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 15 indicating an increase in volatility.
2. GIFT Nifty is indicating 116 points downtick at 24400 which is a very good support. This amounts to 51800 levels for bank nifty which is again a good support.

INDEX HEAVY WEIGHTS.
1.HDFC Bank has decisively closed below 1611 at 1607 which is bearish.
2. ICICI Bank on the other hand is looking bullish and is supporting bank nifty. 1250 is a resistance and if it is cleared we may see more upside.This will help to keep nifty and Bank nifty range bound.
3. RELIANCE is looking bearish. 3110 - 3080 is a very good support.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24434 -24627 : Sell any rally to 24500.
2. NIFTY OPEN ABOVE 24627 Sell any rally to 24700.
3.NIFTY OPEN BELOW 24434: Sell any rally to 24550.

4.BANK NIFTY OPEN BETWEEN 52386 -52150: Sell any rally to 52500.
5.BANK NIFTY OPEN ABOVE 52430 : Sell any rally to 52500.
6. BANK NIFTY OPEN BELOW 52150 : Sell any rally to 52320. Wait for the pull back. sell only the pullback.
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.