PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 08 DEC 2023

8 дек. 2023 г.

08 DEC 2023
WORLD MARKETS
1. World Markets are looking Bullish. There is still some steam left in the markets. Only NIKKEI has turned bearish.
INDIA VIX AND GIFT NIFTY
1. India VIXis below 13 indicating reduction in volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC BANK IS ABOVE 200SMA and is surely bullish. But it is reaching over bought levels.
2. ICICI Bank is holding on to all time high levels of 1008. It may consolidate before an up move.
3. Reliance has turned bullish and holding on to 2450 levels.
ANALYSIS
1. Today is the RBI Monetary policy metting.
2. RBI may keep the repo rate unchanged. But the commentary by the RBI will what drive the market.
3. Nfty is clearly looking over bought
TRADING PLAN
1. NIFTY OPEN BETWEEN 20925- 20876 : No trade.
2. NIFTY OPEN ABOVE 20925 : Wait for a break out above 20950.
3. NIFTY OPEN BELOW 20875 : Wait for a break out below 20850.
4. BANK NIFTY OPEN BETWEEN 46955 - 46730 : No trade.
5.BANK NIFTY OPEN ABOVE 46965 : Wait for a break out above 47070.
6. BANK NIFTY OPEN BELOW 46730: Wait for a break down below 46600.

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.