PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 21 MARCH 2024

3月20日

21 Mar 2024
WORLD MARKETS
1. World markets are trading cautious in anticipation of Fed rate decision tonight.
2. World markets are looking bullish.
3. Fed most likely to keep interest rate at 5.5 %.
INDIA VIX AND GIFT NIFTY
1. India VIX is down 4.5 % indicating bullishness.
2. GIFT Nifty is indicating 38 points uptick at 21875. This amounts to 46400 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC BANK has resistance at 1435. Any break of 1435 is bullish.
2. ICICI Bank is looking bullish.1090 However is a strong resistance.
3. If these two move in opposite direction, then Bank Nifty may remain choppy.
4. Reliance on the other hand is looking bullish and has support at 2876. Next tgt at 2920.
5. However IT heavy weights are bearish and may bring down the Nifty.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21900 - 21777. : Sell Any rally to 21900 and break below 21800.
2. NIFTY OPEN ABOVE 21900: Wait for a consolidation between 21800 - 21950 and buy any break out above 21950.
3.NIFTY OPEN BELOW 21770 : Sell any rally to 21800 - 21830.
4. BANK NIFTY OPEN BETWEEN 46538 - 46083 : Sell any rally to 46500 and break below 46400. Tgt 46000.
5.BANK NIFTY OPEN ABOVE 46500: Wait for a consolidation between 46500 - 46400 and a decisive break above 46550. Tgt 46900.
6. BANK NIFTY OPEN BELOW 46084 : Sell any rally to 46275.
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.