PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 21 NOV 2023
21 Nov 2023
WORLD MARKETS
1. US Markets are extremely bullish and the indicies are challenging the recent swing high of 4606 in S&P and 35680 in DJI.
2. Europe and Asia are following US Markets.
INDIA VIX AND GIFT NIFTY
1. India VIX has crossed 12 indicating increased fear and volatility. This is may be due to the state elections and its results. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is choppy with a bullish bias.It is trading above 1500 which is a good sp whereas 1520 is a strong resistance.
2. ICICI Bank is below 200 SMA and trading with a negative bias. 930 is a strong resistance now.
3. Relaince has broken below 2350. It is still looking bullish. It has resistance at 2380. 2330 is a strong support.
4. IT index is trading with a bullish bias.
ANALYSIS
1. World indices are extremely bullish while Indian Indices are looking for direction and consolidating. This is due to the state election and RBI announcement on Risk weightage for NBFC lending to retail.
2. Market may remain range bound for few more days.Patience is the key.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19720 - 19670 : No Trade.
2. NIFTY OPEN ABOVE 19720 : Wait for a break above 19780.
3. NIFTY OPEN BELOW 19670 : Wait for a break below 19630. Sell any rally to 19700.
4. BANK NIFTY OPEN BETWEEN 43511 - 43663 : No trade. Wait for a break above 43750 or below 43450.
5.BANK NIFTY OPEN ABOVE 43660 : Wait for a consolidation and break above 43750.
6.BANK NIFTY OPEN BELOW 43500 : Wait for a break below 43450.
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. US Markets are extremely bullish and the indicies are challenging the recent swing high of 4606 in S&P and 35680 in DJI.
2. Europe and Asia are following US Markets.
INDIA VIX AND GIFT NIFTY
1. India VIX has crossed 12 indicating increased fear and volatility. This is may be due to the state elections and its results. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is choppy with a bullish bias.It is trading above 1500 which is a good sp whereas 1520 is a strong resistance.
2. ICICI Bank is below 200 SMA and trading with a negative bias. 930 is a strong resistance now.
3. Relaince has broken below 2350. It is still looking bullish. It has resistance at 2380. 2330 is a strong support.
4. IT index is trading with a bullish bias.
ANALYSIS
1. World indices are extremely bullish while Indian Indices are looking for direction and consolidating. This is due to the state election and RBI announcement on Risk weightage for NBFC lending to retail.
2. Market may remain range bound for few more days.Patience is the key.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19720 - 19670 : No Trade.
2. NIFTY OPEN ABOVE 19720 : Wait for a break above 19780.
3. NIFTY OPEN BELOW 19670 : Wait for a break below 19630. Sell any rally to 19700.
4. BANK NIFTY OPEN BETWEEN 43511 - 43663 : No trade. Wait for a break above 43750 or below 43450.
5.BANK NIFTY OPEN ABOVE 43660 : Wait for a consolidation and break above 43750.
6.BANK NIFTY OPEN BELOW 43500 : Wait for a break below 43450.
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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