PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 02 JAN 2024

1. Jan.

02 Jan 2024
WORLD MRKETS
1. World markets were closed today. It is consolidating with a bullish bias.
INDIA VIX AND GIFT NIFTY
1. India VIX is at high and GIFT Nifty is indicating a mute start.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a bullish bias. However on the one Hr chart It has sp at 1689.Any break of it will be bearish for HDFC Bank.
2. ICICI Bank on the other hand is looking bearish on hourly chart. 1000 - 1003 looks a strong resistance. Any close above 1003 can be bullish.
3. Reliance is consolidating with a bullish bias.
ANALYSIS
1. Market is witnessing huge volatility.
2. For Nifty 21600 seems to be a good sp. Any break of it will be bearish.
3. Bank Nifty is trading in a range of 48500 - 48000. We can see direction only after the break of these levels.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21700 - 21785 : Sell any rally to 21800 level and break below 21750.
2.NIFTY OPEN ABOVE 21800 : Wait for a consolidation and break above 21835. If break happen below 21750 sell.
3.NIFTY BREAK BELOW 21700 : Wait for a break below 21650.
4. BANK NIFTY OPEN BETWEN 48400 - 48125 : Sell any rally to 48400 and break below 48300.
5. BANK NIFTY OPEN ABOVE 48500 : Wait for a consolidation between 48400 - 48530 and break above 48540. If it break below 48300 sell.
6. BANK NIFTY OPEN BELOW 48125: Sell any rally to 48300 and break below 48125.

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.