PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 06 AUG 2024.

5. Aug.

06 Aug 2024
WORLD MARKETS
1. world markets have turned extremely bearish. US markets are down 2.0 -2.5%.
2. Asia is down by 5 - 8%.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 20 indicating extreme bearishness. GIFT Nifty is indicating a flat opening.

INDEX HEAVY WEIGHTS
1. HDFC Bank has good support at 1600 - 1612 levels. Any opening below this will be bearish.
2. ICICI Bank has resistance at 1171. Any break below 1166 will be bearish.
3. Reliance has very strong support at 2580 level.2930 is a strong resistance.

TRADING PLAN
1. NIFTY OPEN BETWEEN 23930 - 24184 : No trade. However any rally to 24180 will be a sell.
2.NIFTY OPEN ABOVE 24180: Sell any rally to 24350 levels.
3. NIFTY OPEN BELOW 23920: Sell any rally to 24000.
4.BANK NIFTY OPEN BETWEEN 49800 - 50375: Sell any rally to 50430.
5.BANK NIFTY OPEN ABOVE 50375: Sell any rally to 50500.
6.BANK NIFTY OPEN BELOW 49800: Sell any rally to 50000.
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.