PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 09 JAN 2024

8 Oca

09 JAN 2023
WORLD MARKETS
1. World Markets are trading with a negative bias.
INDIA VIX AND GIFT NIFTY
1. INDIA VIX has shot up 7% to 13.5 resulting in a 700 point down tick for Bank Nifty and 200 points downtick for Nifty.
2. GIFT Nifty is indicating a positive start of 60 points.
INDEX HEAVY WEIGHTS
1. HDFC Bank is trading with a negative bias.1650 is a good support, any break of 1650 will be negative.
2. ICICI Bank is trading with a negative bias. 965 is a good support.
3. Reliance is consolidating with a positive bias.
ANALYSIS
1. The fall is mainly due to all the banking stock cracking support levels and trading in negative.
2. This trend may continue for few more days. We may get some rally which can be sold into.
TRADING PLAN.
1.BANK NIFTY OPEN BETWEEN 47665 - 47220 : Sell Any rally to 47665.
2. BANK NIFTY OPEN ABOVE 47665 : Wait for a break above 47850 - 47900 levels.
3. BANK NIFTY OPEN BELOW 47220 : Sell any rally to 47600 levels.
4. NIFTY OPEN BETWEEN 21587 - 21438 : Sell any rally to 21600.
5. NIFTY OPEN ABOVE 21600: Wait for. break above 21700.
6. NIFTY OPEN BELOW 21365 : Wait for a break below 21260.
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.