PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 06 DEC 2023
06 DEC 2023
WORLD MARKETS.
1. World Markets are looking extremely over bought.
INDIA VIX AND GIFT NIFTY.
1. India VIX is above 200 SMA. Any increase in VIX may result in a consolidation and pull back of indices.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS.
1. HDFC Bank is extremely over bought. We may see some pull back to 1580 levels which is a very good support.
2. ICICI Bank has broken all time high. So it is looking very bullish. It has still some steam left.
3. Reliance is bullish but is consolidating. Buy on Dips will be a good idea.
ANALYSIS
1. Indices are extremly over bought. Nifty has risen 600 points whereas the Bank nifty has risen almost 1800 points in two days.
2. I will be very careful going long but going short is not a good idea. It is better to wait for a pull back and then buy on dips.
TRADING PLAN
1.NIFTY OPEN BETWEEN 20900 - 20800 : Buy any dip to 20770 levels.
2.NIFTY OPEN ABOVE 20900 : Wait for a consolidation and break out above 20950.
3. NIFTY OPEN BELOW 20800 : Wait for a consolidation and break below 20750.
4. BANK NIFTY OPEN BETWEEN 46855 - 47170 : Wait for a break out above 47170.
5.BANK NIFTY OPEN ABOVE 47170 : Buy any consolidation at 47000 - 47100 and break out above 47170.
6. BANK NIFTY OPEN BELOW 46855 : Wait for a consolidation and break down below 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.
WORLD MARKETS.
1. World Markets are looking extremely over bought.
INDIA VIX AND GIFT NIFTY.
1. India VIX is above 200 SMA. Any increase in VIX may result in a consolidation and pull back of indices.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS.
1. HDFC Bank is extremely over bought. We may see some pull back to 1580 levels which is a very good support.
2. ICICI Bank has broken all time high. So it is looking very bullish. It has still some steam left.
3. Reliance is bullish but is consolidating. Buy on Dips will be a good idea.
ANALYSIS
1. Indices are extremly over bought. Nifty has risen 600 points whereas the Bank nifty has risen almost 1800 points in two days.
2. I will be very careful going long but going short is not a good idea. It is better to wait for a pull back and then buy on dips.
TRADING PLAN
1.NIFTY OPEN BETWEEN 20900 - 20800 : Buy any dip to 20770 levels.
2.NIFTY OPEN ABOVE 20900 : Wait for a consolidation and break out above 20950.
3. NIFTY OPEN BELOW 20800 : Wait for a consolidation and break below 20750.
4. BANK NIFTY OPEN BETWEEN 46855 - 47170 : Wait for a break out above 47170.
5.BANK NIFTY OPEN ABOVE 47170 : Buy any consolidation at 47000 - 47100 and break out above 47170.
6. BANK NIFTY OPEN BELOW 46855 : Wait for a consolidation and break down below 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.
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