PRE MARKET ANALYSIS FO NIFTY AND BANK NIFTY FOR 28 DEC 2023

27 Ara 2023

28 DEC 2023
WORLD MARKETS
1. World markets are looking bullish. It seems the world markets is in a bull run before the end of 2023.
INDIA VIX AND GIFT NIFTY
1. India VIX is at a high almost reaching 16. This is very high. We may see some retracement and it means a downside in the market.
2. GIFT Nifty indicates a 37 points up tick at 21685.
This amounts to 48300 levels for bank nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank is bullish. It is almost hitting all time high.
2. ICICI Bank has taken support at 200 EMA and daily chart and has turned bullish.
3. Reliance is again trying to break the all time high.

ANALYSIS
1. All the indices are looking bullish but they are over stretched.
2. Nifty and Bank Nifty is bullish and all index heavy weights are looking bullish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21700 -21600 : Buy any dip to 21600 .
2. NIFTY OPEN ABOVE 21700 : Buy any dip to 21600.
3. NIFTY OPEN BELOW 21600 : Sell ay consolidation and break below 21550.
4. BANK NIFTY OPEN BETWEEN 48433 - 48134 : Buy any dip to 48134.
5. BANK NIFTY OPEN ABOVE 48431 : Wait for a dip before buying. The dip can be till 48300 levels.
6. BANK NIFTY OPEN BELOW 48134 : Sell any consolidation and break below 48000.

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.