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100. Pre Market Analysis - May 06 , 2021

  1. Markets boosted to closed in the positive bias after the RBI announced liquidity measures for small finance banks , MSMEs and micro finance institutions to support the economy and businesses to tide over Covid-19 crisis.

  2. Nifty jump 121.35 points , Sensex rallied 424.04 points and Bank Nifty scaled 513.40 points .

  3. Pharma stocks out performed yesterday.

  4. Markets are complete bearish till yesterday even we can see yesterday FIIs sold 1110.50 crores and DIIs sold 240.61 crores .

  5. RBI supported the yesterdays rally and Banking stocks back to bulls again and this rally may continue up to previous swings .

  6. Tata steel declared good results but don't expect big rally on this stock because it already shot up 40% from the past 4months so it may rally in coming days but not much.

  7. Today from Nifty 50 Tata consumers and Hero MotoCorp are declaring their results .

  8. Coming to global markets :- Last night US markets closed positive except Nasdaq as tit closed 50 points lower and UK markets closed positive.

  9. Currently Dow jones , Nasdaq and UK futures are trading at higher.

  10. All Asian markets are higher.

  11. SGX Nifty is up by 72 points as of now.

  12. Coming to India :- Our markets may open with gap-up today based on SGX NIfty and global clues.

  13. Avoid the trades if any big gap-up and expect some sell off at higher levels or expect some consolidation and if it didn't fell in the morning hours then we may see buy on dips market in the morning and afternoon session beginners try to stray away due to expiry moves.

  14. The one who is looking for support and resistances based on OI data and chart analysis :- Nifty had a crucial resistance at 14,754 and the chances of closing below mentioned level is high and support at 14,520.

  15. Bank Nifty had a resistance at 33,500 and 33,750 and support at 32,340.


All The Best , Trade With Discipline.

BONFIRETRADER

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