PRE MARKET ANALYSIS OF NIFTY NAD BANK NIFTY FOR 17 NOV 2024
18 NOV 2024
WORLD MARKETS
1. US is consolidating with a negative bias.
2. Asia is mixed while Europe is bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is still near 15 indicating more bearishness.
2. GIFT Nifty is indicating a 130 points down tick at 23400.
INDEX HEAVY WEIGHTS
1. HDFC Bank has resistance between 1700 -1690 levels. Support can be seen at 1650 levels.
2. ICICI Bank has resistance at 1260 while 1240 seems to be an intermediate support.
3. Reliance is still bearish. It has good support only at 1200 levels. 1286 seems to be a good resistance.
TRADING PLAN
1. NIFTY OPEN BETWEEN 23585 - 23480: Sell any rally to 23650 and break below 23600 decisively. I expect nifty to consolidate in this range for a day or two .
2.NIFTY OPEN ABOVE 23585: Wait for a consolidation and break above 23650 levels. we can retest 23800 levels.
3. NIFTY OPEN BELOW 23480: This is a crucial 200 SMA support for nifty. So wait for a consolidation and break below 23450 decisively. Alternatively any weakness at 23500 can be sold into.
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 negative bias.
2. Asia is mixed while Europe is bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is still near 15 indicating more bearishness.
2. GIFT Nifty is indicating a 130 points down tick at 23400.
INDEX HEAVY WEIGHTS
1. HDFC Bank has resistance between 1700 -1690 levels. Support can be seen at 1650 levels.
2. ICICI Bank has resistance at 1260 while 1240 seems to be an intermediate support.
3. Reliance is still bearish. It has good support only at 1200 levels. 1286 seems to be a good resistance.
TRADING PLAN
1. NIFTY OPEN BETWEEN 23585 - 23480: Sell any rally to 23650 and break below 23600 decisively. I expect nifty to consolidate in this range for a day or two .
2.NIFTY OPEN ABOVE 23585: Wait for a consolidation and break above 23650 levels. we can retest 23800 levels.
3. NIFTY OPEN BELOW 23480: This is a crucial 200 SMA support for nifty. So wait for a consolidation and break below 23450 decisively. Alternatively any weakness at 23500 can be sold into.
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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