PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 10 OCT 2024
10 Oct 2024
WORLD MARKETS
1. US is consolidating with a positive bias. Asia and Europe is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is still above 14 indicating more bearishness.
2. GIFT Nifty is indicating 130 point uptick at 25100. This amount to 51250 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has closed below 1640 indicating reversal of trend to bearish. It has support at 1620 level.
2. ICICI Bank is still holding on to 1220 level.
3. Reliance has turned bearish and has closed below 1250.
ANALYSIS
1. RBI commentary and election result had momentary impact and the indices have closed in red loosing all the gains of the morning.
2.Call writers of Bank Nifty had fantastic profit . Nifty was however not that responsive.
TRADING PLAN
1. NIFTY OPEN BETWEEN 25056 -24900: Sell any rally to 25100 and break below 24980.
2. NIFTY OPEN ABOVE 25056: Wait for a consolidation and break above 25250 decisively. However any dip to 25000 can be sold (Call Option 25000)
3.NIFTY OPEN BELOW 24900: Sell any rally to 25000.
4. BANK NIFTY OPEN BETWEEN 50800 - 51228: NO TRADE.
5. BANK NIFTY OPEN ABOVE 51230: Wait for a consolidation and break below 51000 decisively. However any consolidation result in a break above 51500, then it is a buy.
6. BANK NIFTY OPEN BELOW 50800: Selling rally 51000.
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.
WORLD MARKETS
1. US is consolidating with a positive bias. Asia and Europe is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is still above 14 indicating more bearishness.
2. GIFT Nifty is indicating 130 point uptick at 25100. This amount to 51250 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has closed below 1640 indicating reversal of trend to bearish. It has support at 1620 level.
2. ICICI Bank is still holding on to 1220 level.
3. Reliance has turned bearish and has closed below 1250.
ANALYSIS
1. RBI commentary and election result had momentary impact and the indices have closed in red loosing all the gains of the morning.
2.Call writers of Bank Nifty had fantastic profit . Nifty was however not that responsive.
TRADING PLAN
1. NIFTY OPEN BETWEEN 25056 -24900: Sell any rally to 25100 and break below 24980.
2. NIFTY OPEN ABOVE 25056: Wait for a consolidation and break above 25250 decisively. However any dip to 25000 can be sold (Call Option 25000)
3.NIFTY OPEN BELOW 24900: Sell any rally to 25000.
4. BANK NIFTY OPEN BETWEEN 50800 - 51228: NO TRADE.
5. BANK NIFTY OPEN ABOVE 51230: Wait for a consolidation and break below 51000 decisively. However any consolidation result in a break above 51500, then it is a buy.
6. BANK NIFTY OPEN BELOW 50800: Selling rally 51000.
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.
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