PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 15 APR 2024

14 Apr

15 Apr 2024
WORLD MARKETS
1. World markets are looking bearish. May be reverting to mean.
2. The Iran - Israel conflict escalation may be one of the reasons.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is at 11.5 which is a 4 % increase than the previous day.
2. GIFT Nifty is indicating 135 points down tick at 22300 levels. This amounts to 48200 levels for bank.

INDEX HEAVY WEIGHTS
1. HDFC Bank has turned negative. It has closed below 1520. This is going to be a resistance for the short term. 1490 seems to be the next support.
2. ICICI Bank has good support at 1090 and 1100 will be a good resistance. ICICI Bank can get trending if it break these levels. So 1100 is a sell and 1090 - 1085 is a buy.
3. Reliance has good support at 2915. If it breaks this, then reliance may turn bearish.target 2858.
ANALYSIS
1. World Markets have turned negative They have been affected by Iran - Israel conflict.
2. Indices also have turned negative.
3. If the Indices gap down as per GIFT Nifty, we may see a range bound market.
4. Index Heavy weights are at crucial support levels. We have to see whether they sustain above the support or if they break down.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22600 - 22480 : Sell any rally to 22680.
2. NIFTY OPEN ABOVE 22600 : Sell Any weakness at 22750 -22800 levels.
3. NIFTY OPEN BELOW 22480 : Sell any rally to 22550 levels.
4. BANK NIFTY OPEN BETWEEN 48675 - 48450 : Sell any rally to 48800 levels.
5.BANK NIFTY OPEN ABOVE 48675: Buy any consolidation and break above 48930 levels. Any weakness at 48900 can be sold into.
6. BANK NIFTY OPEN BELOW 48450 : Sell any rally to 48700 levels.
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.