PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 15 NOV 2023

2023年11月14日

14 Nov 2023
WORLD MARKETS
1. US markets are looking bullish on daily time frame. Eurpoe and Asia are consolidating with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India vIX is above 11 indicating increased volatility.
GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1.HDFC BAnk if you see last week is consolidating in a narrow range of 1503 - 1475. These two levels have not been broken. HDFc Bank on a daily chart is trading with a bearish bias.
2. ICICI Bank is again trading in a narrow range of 950 - 930. Again these levels have not been broken in the past one week. ICICI Bank is choppy.
3. Reliance for the past 10 days is in a narrow range of 2300 - 2350. It has again not broken these levels. It is trading with a bullish bias.
ANALYSIS
1. while the index heavy weights are consolidating in a narrow range, Nifty and Bank Nifty have slowly moved up 400 and 1000 points respectively in the past seven days.
2. This indicates that broader markets may be strenghtening and supporting the indices.
3. put option sellers have been benifited in this one week move.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19422 - 19465 : Any dip to 19420 is a buy.
2.NIFTY OPEN ABOVE 19465: Wait for a break above 19500 decisively. Buy Any dip to 19450.
3. NIFTY OPEN BELOW 19420 : Wait for a break below 19400 decisively.
4.BANK NIFTY OPEN BETWEEN 43800 - 43975 : Buy any dip to 43800 and move above 43850.
5.BANK NIFTY OPEN ABOVE 43975 : Wait for a decisive break out above 44050 .
6. BANK NIFTY OPEN BELOW 43800 : Wait for a break below 43730 levels.


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.