10. Pre Market Analysis - Dec 7, 2020
FIIs bought 17,818cr in first four trading sessions of December
Nifty hit fresh All The High on Friday
Bank Nifty consolidated in between 29k to 30k from past 10days and Friday it came out of 30k ,it shows little bit breakout
Friday RBI didn't came with bad comments so that is the reason our market closed high on Friday
But Hdfc bank is the only stock which is dragging Bank Nifty and Reliance is the only stock which is dragging Nifty
Metal , Auto and Pharma stocks are performing very well from past 4 days
Coming to Global Markets :- US markets closed at ATH on Friday , Currently Dow Jones Fut trading Negative
The Only News we can expect from this year from US market is about Fiscal package before the year end
Sgx Nifty trading in Negative as of now
Coming to India :- Today Our Market will open flat with Negative based on global markets
But It doesn't mean that market will go fall today because of gap down , its not about opening a day its all about how the market is going to close a day
Last Friday our markets opened with gap down but at the end of the day markets rallied towards upside and closed with positive
Bank Nifty is at Crucial level 30k and if it sustains above 30k today then it will easily rally upto 31k
Nifty is keep on making News Highs without consolidation so we have to wait for atleast few days consolidation or correction to buy at lower levels
One Who is looking for Open Interest Data :- 13,300ce was seen at more contracts by this week which will act as crucial resistance and 13,400ce , 13500ce are the next resistances based on OI contracts
For Put Options data 13,200pe was seen at more contracts which will act as strong support by this expiry and 13,100pe and 13000pe are the next supports based on OI contracts
Bank Nifty 30,000ce was seen at more contracts which will act as crucial resistance and 30,500ce is the next resistance based on OI data
For Put Option data for Bank Nifty 30000pe was seen at more contracts by this week expiry which will act as strong support and 29500pe is the next support for bank nifty
Looks like 30k is the crucial for bank Nifty today so don't chase the gapdown wait for sometime to get clear direction
All The Best , Trade with Discipline
BONFIRETRADER