PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 04 JUL 2024

3. Juli

04 Jul 2024
WORLD MARKETS
1. All the world markets
are looking bullish post FOMC meeting. Tomorrow is holiday for US markets.
INDIA VIX AND GIFT NIFTY
1. India VIX is down 3% indicating more bullishness.
2. GIFT NIFTY is indicating 60 points uptick at 24340 levels. This amounts to 53300 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking very bullish. But it has made a very huge gap up. We have to see when this gap will be filled. 1760 remain a very crucial support. Any break of it will be a pull back to 1735 levels.
2. ICICI Bank is taking support at 200 SMA. Any decisive break of 1194 will be bearish.
3. Reliance has resistance at 3115 and 3060 is a good support. Reliance may stay in this range.
4. Axis and Kotak Bank has done very well.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24315 -24255 LEVELS: Any dip to 24250 levels can be accumulated
2. NIFTY OPEN ABOVE 24315: Buy any dip to 24300 levels.
3.NIFTY OPEN BELOW 24250 : Wait for a consolidation and break above 24270.
4. BANK NIFTY OPEN BETWEEN 53303 - 52876 : Buy any dip to 52900 and break above 53000.
5.BANK NIFTY OPEN ABOVE 53303 : Wait for a dip to 53100 to buy.
6.BANK NIFTY OPEN BELOW 52870: Sell any rally to 53000.
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.