PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 29 NOV 2023

28 Nov 2023

WORLD MARKETS
1. All the world Markets are looking bullish. However they are all looking over bought.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 12 indicating increase in volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a bullish bias. 1530 still remain a good level.( support/resistance)
2. ICICI Bank however is looking very choppy and bearish on daily chart. It has closed below 200 SMA.
3. Reliance is looking very bullish. The next tgt will be 2440.
ANALYSIS
1. Bank Nifty and Nifty are reaching the crucial levels of 20000 and 44000 resply.
2. We may see some consolidation and volatility at these levels. Next tgt for NIfty and Bank Nifty will be 20100 and 44240 resply.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19865 -19931 : Any dip to 19850 is a buy.
2.NIFTY OPEN ABOVE 19931: Buy Any dip to 19900.
3. NIFTY OPEN BELOW 19860 : Sell any break below 19800.
4.BANK NIFTY OPEN BETWEEN 43945 - 43813 : Buy any dip to 43820.
5.BANK NIFTY OPEN ABOVE 43941 : Wait for a consolidation and break above 44010.
6. BANK NIFTY OPEN BELOW 43815 : Wait for a dip below 43700 levels.

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.