PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 09 NOV 2023

8 nov. 2023

09 NOV 2023
WORLD MARKETS
1. US markets is consolidating with a bullish bias.
2. Europe and Asia is consolidating with a bearish bias.
GIFT NIFTY AND INDIA VIX
1. India VIX is below 12 indicating reduced volatility.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is consolidating with a bullish bias. 1503 is still a strong resistance. 1490 is a strong support.
2. ICICI Bank has made a huge bearish candle. Any break of 930 will be bearish. where as 950 is a strong resistance.
3. Reliance has strong sp at 2325. Any break of 2300 is bearish.
TRADING PLAN
1. NIFTY OPEN BETWEEN 19460 - 19420 : Any dip to 19400 is a buy.
2. NIFTY OPEN ABOVE 19460 : Any break of 19475 is bullish.
3.NIFTY OPEN BELOW 19420 : Any break below 19390 is bearish.
4. BANK NIFTY OPEN BETWEEN 43590 - 43730 : Any dip to 43600 and move above 43650 is bullish.
5. BANK NIFTY OPEN ABOVE 43725 : Any break out above 43800 is bullish. wait for a consolidation between 43700 - 43800.
6.BANK NIFTY OPEN BELOW 43590 : SELL BELOW 43500.

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 TRADETAKEN BY THE READER.