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

10月17日

17 Oct 2024
WORLD MARKETS
1. World Markets are trading with all time high.
INDIA VIX AND GIFT NIFTY
1. India VIX has gone above 13 indicating bearishness is here to stay.
2. GIFT Nifty is indicating 80 points down tick at 24670. This amounts to 51040 for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has turned bearish. It has good support at 1640. Any break of 1635 will lead to 1625 levels.
2. ICICI Bank is still in the range. 1200 is still a good support. Any break of 1200 is bearish.
ANALYSIS
1. Infy has come up with result which is generally good. HDFC Bank is coming up with result tomorrow post market. But the fact remains that Bajaj Auto which come with a good result is down 12 % today.
2. So market may remain volatile.
3. Nifty has good support at 24500. Bank Nifty has good support at 51040 and any break of 51000 decisively will be bearish for a tgt of 50700.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24832 - 24667 : Sell Any rally to 24850.
2. NIFTY OPEN ABOVE 24832: Sell Any rally to 24915 and break below 24830 decisively.
3. NIFTY OPEN BELOW 24667: Sell any rally to 24700.
4. BANK NIFTY OPEN BETWEN 51500 - 51040. Sell any rally to 51500.
5.BANK NIFTY OPEN ABOVE 51500 : Sell any consolidation between 51600 -51400 and break below 51400 decisively.
6.BANK NIFTY OPEN BELOW 51040: Sell any rally to 51400.
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.