PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 17 NOV 2023
17 Nov 2023
WORLD MARKETS
1. All the world markets had a sustained rally for past 15 days. US S&P has rallied 364 points which is almost 8% from the swing low.
2. However the market is bullish but may consolidate with a small correction.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 11.6 indicating increased volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank has made a grave stone doji sort of pattern which indicates break in rally. 1502 still remain a strong support. Bearish bets can be taken only below 1475.
2. ICICI Bank is choppy and remain in a range 930 - 950.
3. Reliance is bullish and has sustained above 2350. 2375 is a stong resistance. Any break of it will be very bullish. Any break below 2325 is bearish.
ANALYSIS
1. Nifty has a sustained run of 1000 points from 18800 - 19800. Bank Nifty had a sustained run of 1900 points. We May see some consolidation before we commence the rally.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19700 - 19828 : Sell Any rally to 19830.
2. NIFTY OPEN ABOVE 19828 : Wait for a break out above 19900.
3. NIFTY OPEN BELOW 19700 : Sell Any rally to 19750 and break below 19700.
4.BANK NIFTY OPEN BETWEEN 44064 - 44265 : Sell Any rally to 44300.
5. BANK NIFTY OPEN ABOVE 44261: Wait for a consolidation and break above 44350. Any dip to 44250 can be bought.
6.BANK NIFTY OPEN BELOW 44064 : Sell Any rally to 44150 and break below 44020.
DISCLAIMER
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. All the world markets had a sustained rally for past 15 days. US S&P has rallied 364 points which is almost 8% from the swing low.
2. However the market is bullish but may consolidate with a small correction.
INDIA VIX AND GIFT NIFTY
1. India VIX is at 11.6 indicating increased volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank has made a grave stone doji sort of pattern which indicates break in rally. 1502 still remain a strong support. Bearish bets can be taken only below 1475.
2. ICICI Bank is choppy and remain in a range 930 - 950.
3. Reliance is bullish and has sustained above 2350. 2375 is a stong resistance. Any break of it will be very bullish. Any break below 2325 is bearish.
ANALYSIS
1. Nifty has a sustained run of 1000 points from 18800 - 19800. Bank Nifty had a sustained run of 1900 points. We May see some consolidation before we commence the rally.
TRADING PLAN
1.NIFTY OPEN BETWEEN 19700 - 19828 : Sell Any rally to 19830.
2. NIFTY OPEN ABOVE 19828 : Wait for a break out above 19900.
3. NIFTY OPEN BELOW 19700 : Sell Any rally to 19750 and break below 19700.
4.BANK NIFTY OPEN BETWEEN 44064 - 44265 : Sell Any rally to 44300.
5. BANK NIFTY OPEN ABOVE 44261: Wait for a consolidation and break above 44350. Any dip to 44250 can be bought.
6.BANK NIFTY OPEN BELOW 44064 : Sell Any rally to 44150 and break below 44020.
DISCLAIMER
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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