PRE MARKET ANALYSIS FOR NIFTY AND BANK NIFTY FOR 23 JAN 2024

Jan 22

23 JAN 2024
WORLD MARKETS
1. US markets has turned bullish after brief consolidation.
2. Europe is bearish whereas the Asia is mixed.
INDIA VIX AND GIFT NIFTY
1. India VIX is still above 13 indicating volatility and fear.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking weak but it is oversold. A pull back may be possible.
2. ICICI Bank is choppy with a positive bias. we may see an up move.
3. Reliance is consolidating with a negative bias.
ANALYSIS
1. The Indices are consolidating in a very broad range.
2. The fall in Indices is mainly due to HDFC Bank. However other indices like MIdcap 150, metal and Oil and Gas are all looking bullish.
3. The event on 22 jan may put some positiveness into the market before market decides its next move.
4. Also the World market and US markets specifically looking positive.
TRADING PLAN
1. NIFTY OPEN BETWEEN 21525 -21620 : No Trade.
2.NIFTY OPEN ABOVE 21620 : Wait for a consolidation and break above 21670.
3. NIFTY OPEN BELOW 21525 : Wait for a consolidation and break below 21450.
4. BANK NIFTY OPEN BETWEEN 45900 - 46200 : No Trade.
5. BANK NIFTY OPEN ABOVE 46200 : Buy any consolidation between 46000 - 46200 and break above 46220. Any repeated dip to 46000 can be brought. SL 45900.
6. BANK NIFTY OPEN BELOW 46000 : Wait for a consolidation between 46000 - 45900 and break below 45840.
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.