PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 28 NOV 2023

28 thg 11, 2023

WORLD MARKETS
1. US and Europe is looking extremely bullish. They are trying to break the recent swing high. Asia is however mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX has cooled down to 11.3. GIFT Nifty is indicating a flat openining.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bullish and has taken sp at 1530 levels. This acts as crucial sp. The next tgt for HDFC Bank is 1575.
2. ICICI Bank on the other hand is struggling to clear 935 levels. However it has closed above 200 SMA.
3. Reliance has turned bullish. However IT heavey weights have pulled back from the resistance level.
EVENTS
1. The only events expected will be the Rajasthan, MP and uttarakhand election results. This will generally indicate the poll pattern for Loksabha.
2. So market may remain rangebound for few days.
3. Nifty is consolidating with a bullish bias. Bank nifty is still choppy.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19775 - 19811 : NO TRADE
2. NIFTY OPEN ABOVE 19811 : Wait for a break out above 19835 levels.
3.NIFTY OPEN BELOW 19775 : Wait for a break below 19750.
4.BANK NIFTY OPEN BETWEEN 43840 - 43700 : Buy any dip to 43700 levels.
5.BANK NIFTY OPEN ABOVE 43840 LEVELS. : Wait for a consolidation and breaK ABOVE 43900.
6. BANK NIFTY OPEN BELOW 43700: Sell any rally to 43750 and break below 43700. Tgt 43500.
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.