PRE MARKET ANALYSIS OF NIFTY FOR 19 NOV 2024

11月18日

19 NOV 2024
WORLD MARKETS
1. US markets are trading in negative.
2. Europe is negative while Asia is also trading negative.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX is above 15 indicating increase in volatility and it is here to stay.
2. GIFT NIFTY is indicating a 50 points down tick at 23400.
TRADING HOLIDAY
1. 20 Nov is a trading holiday due to Maharastra elections. So there will be more theta decay in the Nifty on Thursday. we may expect range bound move tomorrow. 23500, 23400 straddle may come into play.
INDEX HEAVY WEIGHTS
1. HDFC Bank has taken support at 1690 and it has resistance at 1705 level. Any break of 1705 will be bullish.
2. ICICI Bank is trading with a negative bias. It has resistance at 1260 and any break of 1240 will be bearish.
3. Reliance has resistance at 1270. However it is trading negative.
4. IT pair of Infy and TCS has closed in negative which is dragging nifty.
TRADING PLAN:
1. NIFTY OPEN BETWEEN 23525 - 23383: Sell any rally to 23500 and break below 23380 decisively. Sell only below 23380 levels.
2. NIFTY OPEN ABOVE 23525: Wait for a consolidation and break above 23600 decisively.
3. NIFTY OPEN BELOW 23383: Sell any rally to 23450 and break below 23400 decisively.
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.