PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 16 JAN 2024

1月15日

16 Jan 2024
WORLD MARKETS
1. US Markets are consolidating with a bullish bias.
2. Europe is loooking weak with negative bias.
3. Asia is mixed with NIKKEI looking bullish while KOSPI bearish.
INDIA VIX AND GIFT NIFTY
1. India VIX is above 13 indicating increase in volatility. This gives good opportunity for intraday trade.
2. GIFT Nifty is indicating a flat start.
INDEX HEAVY WEIGHTS
1. HDFC Bank has made a bullish engulfing candle. It has good support at 1660. 1675 is a resistance. If it breaks it then Bank Nifty may turn bullish.
3. ICICI Bank has closed above 1005 and has turned bullish. Next tgt for it will be 1028.
3. Reliance is over bought and may consolidate.
ANALYSIS
1. Tomorrow is HDFC Bank Result. So market initially in the morning may remain volatile.
2. HDFC Bank is expected to come with good result.
3. So buy on dips will be a good strategy.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22050 - 22135 :Buy any dip to 22050.
2. NIFTY OPEN ABOVE 22135. Wait for a consolidation and break above 22200. Any dip to 22100 -22050 will be a good buy.
3. NIFTY OPEN BELOW 22050: Wait for a consolidation and move above 22050 to buy.
4. BANK NIFTY OPEN BETWEEN 48275 - 48050 : Buy any dip to 48000.
5.BANK NIFTY OPEN ABOVE 48175 : Wait for a consolidation and break above 48200.
6. BANK NIFTY OPEN BELOW 48050 : Wait for a consolidation and move above 48100 to Buy.
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.