PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 17 JAN 2024

16 Oca

17 Jan 2024
WORLD MARKETS
1. US markets are still consolidating and in a range.
2. Europe is consolidating with a negative bias.
3. Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 13 indicating increased volatility and GIFT Nifty is indicating a muted start.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a bullish bias. 1683 is a resistance it need to cross.
2. ICICI Bank is bullish however it may consolidate till quarterly result. 1010 is still a good resistance.
3. Reliance as discussed is over bought and may consolidate with a negative bias till result.
ANALYSIS
1. Nifty has a good resistance at 22175 and need to be cleared for further bullishness.
2. Bank nifty is reacting to results of Banking stock with a bullish bias. 48000 still is a good support while 48305 is a strong resistance that need to be cleared.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22075 -21990 : No Trade
2. NIFTY OPEN ABOVE 22075 : Wait for a consolidation and break above 22125.
3.NIFTY OPEN BELOW 21990 : Wait for a consolidation and break below 21950.
4.BANK NIFTY OPEN BETWEEN 48200 - 48040 : Buy any dip to 48000 and move above 48150.Buy in small lots. Agreeive buying can be done if 48310 is cleared decisively.
5.BANK NIFTY OPEN ABOVE 48209 : Wait for a consolidation and break above 48310. Buy any dip to 48100 and break above 48209.
6.BANK NIFTY OPEN BELOW 48040 : Wait for a consolidation and break below 47950.

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.