PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 21 DEC 2023
20 DEC2023
WORLD MARKETS
1. US markets are extremely overbought and may retrace.
2. Europe is overbought except FTSE.
3. Asia is looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 14 indicating fear.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still bullish and has some steam left. But 1670 is a strong resistance.
2. ICICI Bank has broken 1010. So it is a sell on rally.
3. Reliance is still loooking bullish but has pulled back. Any break of 2515 will be bearish.
ANALYSIS
1. As discussed yesterday Bank Nifty broke down only after breaking 47700 which was a very strong sp. Now This is going to be the resistance.
2. Similarly 21300 has become a strong resistance in Nifty.
3. The raising caases of COVID in karnataka and kerala may had an effect on market also.
3. Market may pull back to 20520 in Nifty and 45600 in bank nifty.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21300 -21000 : Sell any rally to 21300.
2. NIFTY OPEN ABOVE 21300 : Sell Any break below 21300 decisively after consolidation.
3. NIFTY OPEN BELOW 21000 : Wait for a break below 20877. Sell any rally 21100.
4. BANK NIFTY OPEN BETWEEN 47700 - 47208: Sell Any rally to 47700.
5.BANK NIFTY OPEN ABOVE 47700 : Sell any consolidation and break below 47650.
6. BANK NIFTY OPEN BELOW 47200 : Sell any rally to 47300 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.
WORLD MARKETS
1. US markets are extremely overbought and may retrace.
2. Europe is overbought except FTSE.
3. Asia is looking bullish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 14 indicating fear.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still bullish and has some steam left. But 1670 is a strong resistance.
2. ICICI Bank has broken 1010. So it is a sell on rally.
3. Reliance is still loooking bullish but has pulled back. Any break of 2515 will be bearish.
ANALYSIS
1. As discussed yesterday Bank Nifty broke down only after breaking 47700 which was a very strong sp. Now This is going to be the resistance.
2. Similarly 21300 has become a strong resistance in Nifty.
3. The raising caases of COVID in karnataka and kerala may had an effect on market also.
3. Market may pull back to 20520 in Nifty and 45600 in bank nifty.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21300 -21000 : Sell any rally to 21300.
2. NIFTY OPEN ABOVE 21300 : Sell Any break below 21300 decisively after consolidation.
3. NIFTY OPEN BELOW 21000 : Wait for a break below 20877. Sell any rally 21100.
4. BANK NIFTY OPEN BETWEEN 47700 - 47208: Sell Any rally to 47700.
5.BANK NIFTY OPEN ABOVE 47700 : Sell any consolidation and break below 47650.
6. BANK NIFTY OPEN BELOW 47200 : Sell any rally to 47300 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.
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