PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 13 DEC 2023

13 thg 12, 2023

13 Dec 2023
WORLD MARKETS
1. US and Asian Markets are looking bullish and it has still some steam left.
2. Europe is looking over bought.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 12.5 indicating increased volatility. We may expect further down side in short term.
2. GIFT Nifty is indicating a flat openeing.
INDEX HEAVY WEIGHTS
1. HDFC BAnk is looking bearish. It may pull back to 1600 levels in short term.
2. ICICI Bank is consolidating with a bullish bias. It is stopping the bank nifty from falling.
3. Reliance has pulled back. Next sp is at 2380 levels.
4. IT is looking Bullish.
ANALYSIS
1. Indices are looking over stretched. Hence a consolidation is in order. Nifty may consolidate between 20500 - 21000 levels and bank nifty 46500 - 47500 levels.
2. So a pull back to 20500 in Nifty and to 46500 in Bank Nifty can happen.
3. It is more likely in Nifty since reliance and HDFC Bank are looking weak.
TRADING PLAN
1. NIFTY OPEN BETWEEN 20950 - 20850 : Sell Any rally to 20950 levels.
2. NIFTY OPEN ABOVE 20950 : Wait for a break out above 21010 levels.
3. NIFTY OPEN BELOW 20850 : Wait for a consolidation and break below 20800. Tgt 20730.
4.BANK NIFTY OPEN BETWEEN 47225 - 46980 : Sell Any rally to 47250 levels.
5. BANK NIFTY OPEN ABOVE 47225 : Wait for a consolidation and break above 47350.
6. BANK NIFTY OPEN BELOW 46950 : Sell Any Rally to 47000. Or wait for a consolidation and break below 46850. Tgt 46650.
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.