PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 02 FEB 2024
02 FEB 2024
WORLD MARKETS
1. World Markets are consolidating with a positive bias.
INDIA VIX AND GIFT NIFTY
1. India VIX has crashed 10 % indicating reduction in fear and hence crash in option premium. This is good for option sellers and not very good for option buyer.
2. GIFT Nifty is indicating 50 points uptick at 21750. This amounts to 46350 in bank nifty.
INDEX HEAVY WEIGHTS
1.HDFC Bank has support at 1455 any break of which will be bearish. Any break of 1476 will be bullish.
2.ICICI BANK has support at 1020. Resistance is seen at 1034. It can turn bullish above 1035.
3. Reliance is consolidating with a bullish bias.
ANALYSIS
1. All the events are over and there is no further volatility. This is indicated by the crash in VIX.
2. Banking Stocks in general have done well. HDFC Bank and ICICI bank are still consolidating with a neutral bias.
3. Overall Nifty is looking bullish on daily chart. Bank Nifty is still consolidating with a positive bias. It has strong resistance at 46700.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21640 -21740 : NO TRADE.
2. NIFTY OPEN ABOVE 21740 : Wait for a consolidation between 21700 and 21750 and breakout above 21750. Tgt 21870.
3. NIFTY OPEN BELOW 21650 : Wait for a consolidation and break below 21600. Tgt 21500.
4.BANK NIFTY OPEN BETWEEN 46370 - 46000 : NO TRADE
5. BANK NIFTY OPEN ABOVE 46370 : Wait for a consolidation and break above 46400. Tgt 46700.
6.BANK NIFTY OPEN BELOW 46000 : Wait for a break below 45800.
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. World Markets are consolidating with a positive bias.
INDIA VIX AND GIFT NIFTY
1. India VIX has crashed 10 % indicating reduction in fear and hence crash in option premium. This is good for option sellers and not very good for option buyer.
2. GIFT Nifty is indicating 50 points uptick at 21750. This amounts to 46350 in bank nifty.
INDEX HEAVY WEIGHTS
1.HDFC Bank has support at 1455 any break of which will be bearish. Any break of 1476 will be bullish.
2.ICICI BANK has support at 1020. Resistance is seen at 1034. It can turn bullish above 1035.
3. Reliance is consolidating with a bullish bias.
ANALYSIS
1. All the events are over and there is no further volatility. This is indicated by the crash in VIX.
2. Banking Stocks in general have done well. HDFC Bank and ICICI bank are still consolidating with a neutral bias.
3. Overall Nifty is looking bullish on daily chart. Bank Nifty is still consolidating with a positive bias. It has strong resistance at 46700.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21640 -21740 : NO TRADE.
2. NIFTY OPEN ABOVE 21740 : Wait for a consolidation between 21700 and 21750 and breakout above 21750. Tgt 21870.
3. NIFTY OPEN BELOW 21650 : Wait for a consolidation and break below 21600. Tgt 21500.
4.BANK NIFTY OPEN BETWEEN 46370 - 46000 : NO TRADE
5. BANK NIFTY OPEN ABOVE 46370 : Wait for a consolidation and break above 46400. Tgt 46700.
6.BANK NIFTY OPEN BELOW 46000 : Wait for a break below 45800.
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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