PRE MARKET ANALYSIS OF NIFTY FOR 29 NOV 2024
29 NOV 2024
WORLD MARKETS
1. All the world markets are consolidating with a negative bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 15 indicating an increase in volatility due to monthly expiry of Nifty.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still bullish. But it has resistance at 1821 and support at 1778.
2. ICICI Bank has support at 1280.
3. Reliance has turned bearish. It has support at 1265. Any break of it will be bearish. It has resistance at 1286.
ANALYSIS
1. Nifty has broken out of the 24350 - 23150 range decisively. So long call can be taken only above 24350. Also 23150 is a strong resistance now.
2. Also 23700 is a strong support which is 200 SMA in hourly chart.
So market may remain in range of 23200 - 23700 till further direction is decided by the market.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24044 - 23784 : NO TRADE.
2. NIFTY OPEN ABOVE 24044: Sell any rally to 24175 and break below 24040.
3. NIFTY OPEN BELOW 23784: Sell any rally to 24000.
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. All the world markets are consolidating with a negative bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 15 indicating an increase in volatility due to monthly expiry of Nifty.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is still bullish. But it has resistance at 1821 and support at 1778.
2. ICICI Bank has support at 1280.
3. Reliance has turned bearish. It has support at 1265. Any break of it will be bearish. It has resistance at 1286.
ANALYSIS
1. Nifty has broken out of the 24350 - 23150 range decisively. So long call can be taken only above 24350. Also 23150 is a strong resistance now.
2. Also 23700 is a strong support which is 200 SMA in hourly chart.
So market may remain in range of 23200 - 23700 till further direction is decided by the market.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24044 - 23784 : NO TRADE.
2. NIFTY OPEN ABOVE 24044: Sell any rally to 24175 and break below 24040.
3. NIFTY OPEN BELOW 23784: Sell any rally to 24000.
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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