PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY

25 Ara 2023

26 DEC 2023 WISHING A MERRY CHRISTMAS TO ALL.
WORLD MARKETS
1. All the world markets are looking bullish but are consolidating with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 13.7 which is down from 14.3 levels.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank has made an inside candle which indicates indecision/ consolidation with a bullish bias.
2. ICICI Bank has retraced upto 200 EMA on daily chart . It has support at 977- 982 levels.
3. Reliance is consolidating for the past five days and it is looking bullish.
ANALYSIS
1. Indices have retraced to around 23.8 %. We may see some consolidation before a directional move can be expected.
2. Also due to long week end and New year, the indices may not react much and volumes may be low.
3. So better to trade cautiously.
4. 21000 seems to be a good sp for Nifty and 46900 the recent low seems to be the support for bank nifty.
TRADING PLAN
1.NIFTY OPEN BETWEEN 21300 - 21400 : Buy any dip to 21300 and move above 21325.
2.NIFTY OPEN ABOVE 21400 : Buy any dip to 21350.
3.NIFTY OPEN BELOW 21300 : Sell a consolidation and break below 21265.
4.BANK NIFTY OPEN BETWEEN 47300 - 47700 : Sell any rally to 47700 and break below 47650.
5. BANK NIFTY OPEN ABOVE 47700 : Buy any consolidation above 47700. SL 47600.
6. BANK NIFTY OPEN BELOW 47300 : Sell Any rally to 47500.

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.