PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 16 OCT 2024

15 Okt

16 Oct 2024
WORLD MARKETS
1. US is looking bullish but is in over bought territory.
2. Europe is trading in a range.
3. Asia is consolidating with a positive bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 12 still high. Hence market is consolidating and refusing to move higher.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is expected to declare result on 18 Oct. So It is rallying before result. 1686 is a strong resistance. We may 1662 in next two session.
2. ICICI Bank has strong resistance at 1265. Any break of 1265 will be bullish with a tgt of 1280.
3. Reliance is bearish. 2750 is a strong resistance.
ANALYSIS
1. From Nov onwards Bank Nifty will be out of weekly expiry. So we have to depend on monthly Bank nifty option charts.
2. Nifty has still have Weekly expiry.
3. So It will be better to get used to Nifty charts as the Bank Nifty weekly option traders may shift to Nifty weekly expiry.
4. However bank Nifty charts are still required to see its effect on Nifty. Also option sellers can effectively use monthly Bank Nifty chart.
TRADING PLAN
1. NIFTY OPEN BETWEEN 25112 - 25000: No Trade.
2. NIFTY OPEN ABOVE 25112: Wait for a consolidation between 25050 - 25112 and break above 25120 decisively with strict SL.
3. NIFTY OPEN BELOW 25000: Wait for a consolidation and break below 24930 decisively.
4.BANK NIFTY OPEN BETWEEN 51798 - 52000: NO TRADE.
5.BANK NIFTY OPEN ABOVE 52000 : Wait for a consolidation and break above 52100 decisively.
6.BANK NIFTY OPEN BELOW 51800: Sell any rally to 52000.
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.