PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 30 NOV 2023

29 нояб. 2023 г.

30 Nov 2023
WORLD MARKETS
1. US and Europe are looking bullish but over bought. Asia is looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is nearing 13 indicating increase in euphoria. It is time to be cautious.
2. GIFT Nifty is indicating a flat opening. This is expected after a 200 point move in Nifty.
INDEX HEAVY WEIGHTS
1.HDFC Bank has resistance at 1571 level which is 200 EMA. Good sp is seen at 1540 levels.
2. ICICI Bank has turned bullish. It has good sp at 930 and resistance can be seen at 950 levels.
3. Reliance is above 200 EMA and is looking bullish.
ANALYSIS
1. After 200 points move in Nifty and 700 points move in bank nifty, we may see some consolidation and choppiness.
2. ICICI Bank and Reliance is looking bullish. So it is better to trade individual stocks than Indices.
3. As far as indices are concerned, Buy on dips will be a good strategy. Patiently wait for a dip. Nifty has broken above 20000 and Bank Nifty above 44200 levels.
TRADINGPLAN
1.NIFTY OPEN BETWEEN 20135 - 20050 : Any dip to 20000 is a buy.
2. NIFTY OPEN ABOVE 20135 : Wait for a consolidation and break above 20180.
3.NIFTY OPEN BELOW 20050 : Sell Any consolidation and break below 19950.
4.BANK NIFTY OPEN BETWEEN 44735 - 44400 : Buy any dip to 44300 and move above 44400.
5.BANK NIFTY OPEN ABOVE 44735 : Buy any dip to 44400.
6.BANK NIFTY OPEN BELOW 44400 : Sell any consolidation and break below 44200.

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.