PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 30 JAN 2024

29 Jan

30 JAN 2024
WORLD MARKETS
1. World Markets are looking positive.
INDIA VIX AND GIFT NIFTY.
1. India VIX is up 13% at 15.3 indicating increased volatility.
2. GIFT Nifty is indicating 65 points uptick at 21780 .This amounts to 180 points uptick at 45700.
INDEX HEAVY WEIGHTS
1. HDFC BANK is oversold but has resistance at 1465. Any move above 1470 is bullish.
2. ICICI Bank is choppy without any direction and have been used to manage the index. It is all over the place. However it is looking bullish as per MACD.
3. Reliance is up 7% which is a surprise up move for a large cap stock.
ANALYSIS
1. World market is bullish.
2. Tomorrow or day after will be fed rate announcement.
3. Also Finance bill of 2024 will be on 01 feb 2024.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21830 - 21640 : Buy any dip to 21650.
2. NIFTY OPEN ABOVE 21830: Wait for a dip.
3. NIFTY OPEN BELOW 21650 : Buy any dip to 21550 and move above 21600.
4.BANK NIFTY OPEN BETWEEN 45600 - 45400 : No Trade.
5. BANK NIFTY OPEN ABOVE 45600 : Wait for a consolidation and break above 45750. Alternatively any consolidation can be bought into at lower levels.
6. BANK NIFTY OPEN BELOW 45300 : Buy any consolidation and move above 45500.
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.