PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 23 MAY 2024

5月22日

23 May 2024
WORLD MARKETS
1. US is looking bullish. Europe is mixed while Asia is trading with a negative bias.

INDIA VIX AND GIFT NIFTY
1. India VIX is still above 21 indicating more volatility in option prices.
2. GIFT Nifty is indicating a negative opening a 40 points downtick @ 22550 levels. This amounts to 47880 for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is trading with a negative bias and 1464 is still a strong resistance.
2. ICICI Bank has turned negative and has resistance at 1118 level.
3. Reliance has turned bullish. However 2910 is a very strong resistance.
ANALYSIS
1. Indices are consolidating with a very high volatility.
2. Nifty is looking bullish due to Reliance but Banks are dragging down nifty and hence is range bound between 22500 - 22600.
2. Bank Nifty on the other hand is trading with a negative bias. 47800 is still a strong resistance.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22555 -22635 :Any dip to 22555 is a buy.
NIFTY OPEN BELOW 22555 : Any consolidation between 22500- 22555 and break out above 22570 is a buy.
3.NIFTY OPEN ABOVE 22635 : Wait for a dip to 22555 for buying.
4. BANK NIFTY OPEN BETWEEN 47950 - 47600 : No trade.
5.BANK NIFTY OPEN ABOVE 47950: Buy any consolidation and break above 48160.
6.BANK NIFTY OPEN BELOW 47600 : Sell any rally to 47800.

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.