PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 09 JUL 2024

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09 JUL 2024
WORLD MARKETS
1. All the World markets are consolidating with a bullish bias.
2. They are all waiting for Powell speech and Inflation data on 11 Jul.
INDIA VIX AND GIFT NIFTY
1. India VIX is up 7% indicating increase in volatility. So better to be careful.
2. GIFT Nifty is indicating a 60 points uptick at 24390 levels. This amounts to 52650 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still weak and is consolidating with a negative bias. 1620 is a good support. If it rebounds from it we may see a rally.
2. ICICI Bank is very bullish. It has next tgt at 1290.
3. Reliance isa also bullish. 3252 is the next tgt.
ANALYSIS
1. Indices are being drag down by HDFC Bank. Otherwise both Nifty and Bank Nifty is bullish. We have to see whether other banks follow HDFC Bank or HDFC Bank Bounce back.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24350 - 24290: No Trade.
NIFTY OPEN ABOVE 24350: Wait for a short consolidation and break above 24400.
3.NIFTY OPEN BELOW 24290: Wait for a consolidation and break below 24160 levels. If Nifty consolidate and break above 24380, it is a buy.
4.BANK NIFTY OPEN BETWEEN 52550 - 52290: Strictly No Trade.
5.BANK NIFTY OPEN ABOVE 52555: Wait for a consolidation and break above 52720 decisively.
6.BANK NIFTY OPEN BELOW 52290:Sell any rally to 52500
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.