PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 18 JAN 2024

17. Jan.

18 Jan 2024
WORLD MARKETS
1. world markets are turning bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 15 indicating very high fear and uncertinity.
2. GIFT Nifty is indicating 123 points down tick at 21455. This amounts to 45800 levels for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC BANK result has spooked the market which as per analysts is not good. We may see further downside in HDFC Bank. 1520 is a very good support. Any break of it may result in further downside.
2. ICICI Bank has support at 965. We may expect ICICI Bank to be weak tomorrow.
3. Reliance did not fall much in the market mayhem today. However it is looking over bought and may consolidate with a negative bias.
ANALYSIS
1. HDFC Bank result has spooked the market. ICICI Bank is yet to come out with result.
2. We have to see whether the ICICI Bank will receive the same treatment as HDFC Bank inspite of good results. Then it will not be good for Bank Nifty.
3. Next support to Nifty is coming at 21300. For Bank Nifty support is at 46000 however if it is broken, then next support is at 44500. 46750 remains strong resistance.
TRADING PLAN
1.NIFTY OPEN BETWEEN 21490 - 21650 : Sell any rally to 21650.
2. NIFTY OPEN BELOW 21480 : Sell any rally to 21550.
3.NIFTY OPEN ABOVE 21650 : Sell any consolidation and break below 21600.
4. BANK NIFTY OPEN BETWEEN 46400 - 45725 : Sell any rally to 46500 levels.
5.BANK NIFTY OPEN ABOVE 46400 : Sell any rally to 46500 and break below 46400.
6. BANK NIFTY OPEN BELOW 45750 : Sell any rally to 46000.
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.