PRE MARKET ANALYSIS OF NIFTY FOR 28 NOV 2024

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28 NOV 2024
WORLD MARKETS
1. World markets are trading bullish. nothing much to say about world markets.
INDIA VIX AND GIFT NIFTY
1. India VIX has closed below 15% and has crashed by 4.5% which is good for bulls.
2. GIFT Nifty is indicating a flat opening.
INDEX HEAVY WEIGHTS
1. HDFC Bank is bullish and is trading above all time high . 1821 is a resistance but we can consider it will be broken eventually.
2. ICICI Bank on the other hand is consolidating with a negative bias.
3. Reliance is consolidating between 1280 - 1300 with a positive bias.
ANALYSIS
1. Nifty and Bank Nifty is consolidating in a tight range of 24150 - 24350 and 52000 - 52500 respectively.
2. we may see the range bound move in Nifty tomorrow because of expiry. However Bank Nifty may react tomorrow.
3. Nifty and Bank Nifty is trading above 200 SMA and hence it is prudent to take long view.
4. However for any dip we can sell 24200 put and wait for a rally to 24350 levels.
5. Life is tough for option buyers.
TRADING PLAN
1. NIFTY OPEN BETWEEN 24384 - 24170: NO TRADE.
2. NIFTY OPEN ABOVE 24331: Wait for a consolidation and break above 24370 decisively.
3. NIFTY OPEN BELOW 24170 : Wait for a consolidation and break below 24100 decisively.
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.