PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 01 DED 2023

2023年11月30日

01 Dec 2023
WORLD MARKETS
1. US and Europe is consolidating with a bullish bias. However it looks over bought. Asia is looking strong and bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 12 indicating volatility increase.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a bullish bias. 1540 still remain a good sp, whereas the resistance is at 1573.We may see a good consolidation between 1540 - 1575.
2. ICICI Bank is the spoiler which is choppy and not letting Bank nifty the free run. It is stuck between 925 - 950. 933 remain a strong sp.
3. Reliance has good sp at 2365. Any move below 2365 will be bearish. However 2332 is a good sp.
ANALYSIS
1. As expected, market remained in the range 20150 - 20050. Bank nifty has also remained between 43300 - 43600.
2. We may see this range for a few more days before the market break out. Wait for a break out patiently.
3. Range bound play will be difficult to profit when the premium movement is 100 points.
TRADING PLAN
1. NIFTY OPEN BETWEEN 20100 -20171 : Buy any dip to 20000.
2.NIFTY OPEN ABOVE 20171 : wait for a consolidation and break above 20200.
3. NIFTY OPEN BELOW 20050 : Wait for a consolidation and break below 20050.
4. BANK NIFTY OPEN BETWEEN 44622 -44344 : No trade.
5. BANK NIFTY OPEN ABOVE 44622 : Wait for a consolidation and break out above 44760.
6.BANK NIFTY OPEN BELOW 44330 : Wait for a consolidation and break below 43200.

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.