PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 03 JAN 2024

2 gen

03 JAN 2024
WORLD MARKETS
1. S&P and NASDAQ has started with a gap down with a negative bias.
2. Europe is trading with a negative bias, while Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is looking bullish which means we have more down side to market.
2. GIFT NIFTY is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank has a strong sp at 1690. Any break of this decisively will be bearish for Nifty and Bank Nifty.
2. ICICI Bank has strong resistance at 993 any consolidation and move below it will be bearish. However if 995 sustain, then Indices may become bullish.
3. Reliance is looking very bullish.
ANALYSIS
1. Nifty is consolidating and holding only because of Reliance and HDFC bank.
2. Bank Nifty on the other hand has decisively broken 48000. Now 47900 is a strong resistance.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21600 -21721: No trade.
2. NIFTY OPEN ABOVE 21721 : Wait for a consolidation and break below 21650.
3.NIFTY OPEN BELOW 21600 : Sell Any rally to 21650.
4.BANK NIFTY OPEN BETWEEN 47900 - 47600 :Sell any rally to 48000 and break below 47900.
5. BANK NIFTY OPEN ABOVE 47900 : Sell Any rally to 48000 and break below 47900.
6. BANK NIFTY OPEN BELOW 47600 : Sell any raslly to 47700.

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.