PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 22 MARCH 2024

21 thg 3

22 Mar 2024
WORLD MARKETS
1. US is looking bullish post fed rate decision.
2. Europe is up 1 - 1.5% and Asia is extremly bullish with 1-2.5% uptick.
INDIA VIX AND GIFT NIFTY
1. India VIX down 7 % indicating more bullishness.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVYWEIGHTS
1. HDFC Bank is rangebound. 1435 is a strong support and 1455 is a strong resistance. we may see range bound market for few days till this levels are broken.
2.ICICI BANK has again been rejected at 1100. 1075 is again a strong support.
3. Reliance is consolidatig with a bullish bias.
ANALYSIS
1. World markets are looking very bullish.
2. After a gap up, the indices may consolidate for a few days before finding a direction.
3. Next week we have only three days of trading with mon and friday being holiday.
TRADING PLAN
1.NIFTY OPEN BETWEEN 21975 - 22050 : NO TRADE.
2. NIFTY OPEN ABOVE 22050: Wait for a break above 22100.
3.NIFTY OPEN BELOW 21975: Sell any rally to 22000 - 22050 and go agressive if 21930 breaks down.
4.BANK NIFTY OPEN BETWEEN 46800 - 46550:NO TRADE.
5.BANK NIFTY OPEN ABOVE 46800 : Wait for a consolidation and break above 47000.
6.BANK NIFTY OPEN BELOW 46500 : Sell any rally to 46800.

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.