PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 04 DEC 2023
04 DEC 2023
WORLD MARKETS
1. S&P and NASDAQ Index is looking bullish. However DJI is looking over stretched.
2. Europe is looking bullish but DAX looks over bought. Asia is consolidating with a bullish Bias.
INDIA VIX AND GIFT NIFTY
1. India VIX has been above 12 due to state elections. It may come down on Monday.
2. GIFT Nifty is indicating a 137 points uptick at 20357. This amouts to 45100 levels for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has strong resistance at 1571. However it is bullish and may consolidate.
2. ICICI Bank has turned bullish. 945 is a good support. Next resistance is seen at 958 - 966.
3. Reliance can turn bullish only above 2415. It has strong sp at 2375. However it may consolidate.
ANALYSIS
1. The Indices are looking bullish. Nifty is more bullish compared to Bank Nifty. However if it clears 45000, then we may see good upside. Both the indices are trending. So buy on dips should be a good strategy. But patiently wait for indices to revert to 20 SMA on lower time frame and then buy. However in a trending market, it may become difficult. Pull back will be very fast and painful.
TRADING PLAN.
1.NIFTY OPEN BETWEEN 20235 - 20300: Any dip to 20200 is a buy.
2.NIFTY OPEN ABOVE 20300 : Wait for a consolidation and break out above 20330.
3. NIFTY OPEN BELOW 20230 : Wait for a break below 20200.
4. BANK NIFTY OPEN BETWEEN 44697 - 44930 : Buy any dip to 44650.
5. BANK NIFTY OPEN ABOVE 44930 : Wait for a consolidation and break out above 45050. If it open above 45200, wait for a consolidation and dip to 45100.
6. BANK NIFTY OPEN BELOW 44700 : Buy any break down below 43500. However any move above 44800 will be a buy.
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.
WORLD MARKETS
1. S&P and NASDAQ Index is looking bullish. However DJI is looking over stretched.
2. Europe is looking bullish but DAX looks over bought. Asia is consolidating with a bullish Bias.
INDIA VIX AND GIFT NIFTY
1. India VIX has been above 12 due to state elections. It may come down on Monday.
2. GIFT Nifty is indicating a 137 points uptick at 20357. This amouts to 45100 levels for Bank Nifty.
INDEX HEAVY WEIGHTS
1. HDFC Bank has strong resistance at 1571. However it is bullish and may consolidate.
2. ICICI Bank has turned bullish. 945 is a good support. Next resistance is seen at 958 - 966.
3. Reliance can turn bullish only above 2415. It has strong sp at 2375. However it may consolidate.
ANALYSIS
1. The Indices are looking bullish. Nifty is more bullish compared to Bank Nifty. However if it clears 45000, then we may see good upside. Both the indices are trending. So buy on dips should be a good strategy. But patiently wait for indices to revert to 20 SMA on lower time frame and then buy. However in a trending market, it may become difficult. Pull back will be very fast and painful.
TRADING PLAN.
1.NIFTY OPEN BETWEEN 20235 - 20300: Any dip to 20200 is a buy.
2.NIFTY OPEN ABOVE 20300 : Wait for a consolidation and break out above 20330.
3. NIFTY OPEN BELOW 20230 : Wait for a break below 20200.
4. BANK NIFTY OPEN BETWEEN 44697 - 44930 : Buy any dip to 44650.
5. BANK NIFTY OPEN ABOVE 44930 : Wait for a consolidation and break out above 45050. If it open above 45200, wait for a consolidation and dip to 45100.
6. BANK NIFTY OPEN BELOW 44700 : Buy any break down below 43500. However any move above 44800 will be a buy.
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.
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