PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 05 MAR 2024

4 mar

04 Mar 2024
WORLD MARKETS
1. World markets are looking positive with no important news up coming at the International level.
INDIA VIX AND GIFT NIFTY
1. India VIX is below 15 indicating bullishness. GIFT Nifty is indicating a flat opening as of 1930 Hrs.
INDEX HEAVY WEIGHTS
1.HDFC Bank is consolidating with a positive bias. 1435 is the near term resistance. Once it is cleared, then it has a tgt of 1460. Any break of 1400 is bearish.
2. ICICI Bank is looking bullish.1100 is the near term resistance. 1080 is the near term support.
3. Reliance is very bullish. Next near term tgt is 3110.
ANALYSIS
1. Nifty is trading well above 22400 which is bullish. Any move to 22350 can be accumulated. SL 22340.
2. Bank nifty is consolidating between 47500 - 47000. Break of these levels is crucial for trending move.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22380 - 22430 : Any dip to 22380 is a buy. SL 22340.
2. NIFTY OPEN ABOVE 22430 : Wait for a consolidation and break above 22450.
3.NIFTY OPEN BELOW 22380 : Wait for a decisive break below 22350.
4. BANK NIFTY OPEN BETWEEN 47550 - 47360: NO TRADE. However light accumulation at 47400 is recommended.
5.BANK NIFTY OPEN ABOVE 47550 : Wait for a consolidation between 47400 -47550 and break out above 47550.
6.BANK NIFTY OPEN BELOW 47360 : Wait for a consolidation and break above 47400 or break below 47200.
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.