PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 11 DEC 2023

11 dec 2023
WORLD MARKETS
1. All the world markets are looking bullish except NIKKEI.
INDIA VIX AND GIFT NIFTY
1. India VIX is still above 12.5 any reducation in VIX will induce furher rally in the market.
2. GIFT Nifty is indicating a flat start. This due to last hour rally in Nifty and Bank Nifty on Friday.
INDEX HEAVY WWEIGHTS
1. 1650 is a strong resistance for HDFC Bank. However if it crosses it it has a tgt of 1676.
2. ICICI BAnk is bullish and has sustained above all time high at 1011. It has further upside.
3. Reliance is consolidating at 2450 levels with a bullish bias.
ANALYSIS
1. RBI has kept REPO rate unchanged.
2. World markets are bullish. Index heavy weights are all looking bullish.
3. Market is looking over bought. But market may remain over bought for long.
4. So view should be to buy on dips.
TRADING PLAN
1. NIFTY OPEN BETWEEN 20945 -21008 :Buy any dip to 20945.
2. NIFTY OPEN ABOVE 21008. : Wait for a dip to 20975 and break above 21000 to buy.
3.NIFTY OPEN BELOW 90945 : Wait for a break below 20890.
4. BANK NIFTY OPEN BETWEEEN 47140 - 47400 :Buy any dip to 47100.
5. BANK NIFTY OPEN ABOVE 47400 : Buy any dip to 47200 levels.
6.BANK NIFTY OPEN BELOW 47119 : Wait for a break down below 46775.
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.