PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 13 FEB 2024

12 Feb

13 FEB 2024
WORLD MARKETS
1. US and Europe is bullish. Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX has cleared above 16 indicating increased fear.
2. GIFT Nifty is indicating a 100 points uptick at 21700. This amounts to 45050 on bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still bearish and has support at 1372. 1400 is a strong resistance.
2. ICICI Bank has strong resistance at 1000. 985 is a good support.
3. Reliance is looking over bought.
ANALYSIS
1. Nifty is looking bearish with a tgt of 21500 which is a 50 SMA and 21300 which is 200 EMA.
2. 45000 is a strong resistance. Any break of 45500 is bearish. Tgt 44200
TRADING PLAN
1. NIFTY OPEN BETWEEN 21700 -21550 : Sell any rally to 21700 and formation of any reversal pattern.
2. NIFTY OPEN ABOVE 21700 : Wait for consolidation between 21700 - 21750 and a decisive break for a tgt of 21870.
3. NIFTY OPEN BELOW 21550 : Wait for a consolidation between 21600 - 21500 and a decisive break below 21500. Tgt 21400.
4.BANK NIFTY OPEN BETWEEN 44600 - 45200 : sell any rally to 45200 and break below 45000.
5. BANK NIFTY OPEN ABOVE 45180 : Wait for a consolidation between 45000 - 45200 and break above 45300 decisively.
6. BANK NIFTY OPEN BELOW 44580 : Wait for a consolidation and break below 44400 decisively.

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.