PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 20 DEC 2023

19 dic 2023

19 Dec 2023
WORLD MARKETS
1. US markets are looking over bought and tired.
2. NASADAQ is bullish.
3. Europe is also looking over bought except FTSE.
4. Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX has reached almost 14. This indicates increase in volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS.
1. HDFC Bank is consolidating between 1650 - 1630.
2. ICICI Bank has good sp at 1014 - 1010. Any break of this will be bearish for a tgt of 1003.
3. Reliance is looking bullish. It has good sp at 2540.
ANALYSIS
1. World markets are over bought and is consolidating.
2. Indian Indices are also consolidating. Nifty is consolidating between 21360 - 21500. Bank Nifty is consolidating between 47500 - 48100.
3. Indices may continue to consolidate. Any break of these levels will give directional move. Till That time option buyers should stay way from market. Scalpers can buy at low and sell at high which is risky.
TRADING PLAN
1.NIFTY OPEN BETWEEN 21400 - 21500. : No trade.
2. NIFTY OPEN ABOVE 21500 : Buy any consolidation and break above 21550.
3.NIFTY OPEN BELOW 21400 : Sell below 21350.
4.BANK NIFTY OPEN BETWEEN 47970 - 47770 : No trade.
5.BANK NIFTY OPEN ABOVE 47970 : Wait for a consolidation and break out above 48075.
6.BANK NIFTY OPEN BELOW 47770 : Sell any consolidation and break below 47650.

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.