PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 12 DEC 2023

11 Ara 2023

12 Dec 2023
WORLD MARKETS
1. All the World Markets are looking bullish. However they are looking over bought.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 12.7 indicating increase in volatility. We may see some volatility and a pull back before the market goes up.
2. GIFT Nifty is indicating a flat opening a 15 points down tick.
INDEX HEAVY WEIGHTS
1. HDFC Bank is extremely over stretched and may consolidate with a negative bias. We may see a pull back to 1620 levels.
2. ICICI Bank however is bullish and has some steam still left. It is at all time high and hence tgt cannot be given.
3. Reliance is looking bullish. it is consolidating with a bullish bias.
4. IT is looking bullish.
ANALYSIS
1. Indices are looking over stretched. It is expected to pull back in short term.
2. HDFC Bank is looking tired while ICICI Bank is looking bullish. This may keep the indices range bound.
3. Better to wait for a pull back before going long.
TRADING PLAN
1.NIFTY OPEN BETWEEN 20971 - 21025 : No Trade.
2. NIFTY OPEN ABOVE 21025 : Wait for a consolidation and break above 21055.
3.NIFTY OPEN BELOW 20960 : Wait for a consolidation and break below 20940.
4.BANK NIFTY OPEN BETWEEN 47425 - 47200 : No Trade.
5. BANK NIFTY OPEN ABOVE 47425 : Wait for a consolidation and move above 47530. Any dip to 47350 and consolidation and break above 47430 can be bought.
6. BANK NIFTY OPEN BELOW 47200 : Sell Any consolidation and break below 47200.

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.