102. Pre Market Analysis - May 10 , 2021
Markets gained for the third straight day with the help of HDFC Twins , Metals and other individual stocks like Adani ports , Bajaj finance etc...
Nifty gained 98.40 points , Sensex rallied 256.71 points and Bank Nifty raised 76.70 points.
Metal stocks are shining like gold , as Tata steel shot up 7% in single day after it came with good results and even other metal stocks gained more than 3% which are supported to markets on Friday.
Banking stocks and Reliance are under performing.
Nifty with 1week time frame made very good bullish candle and showing bulls trend , with 1day time frame it formed Doji , but we should ignore that Doji due to the bulls sentiment in the market.
Remember Reliance , Kotak Bank , Infy , Axis Bank , ICICI Bank are contributing more than 40% in Nifty so until these stocks come into action , we may see some intraday minor fall everyday.
India VIX fell 5.5% in single day which indicates the continuation for bulls rally.
Global markets are sitting at ATHs and that is the main for our markets to fly and everyone is expecting fall due to our domestic negative news about Covid but remember our markets always treat bad news as good news and good news as bad news and as of now we are only running with global clues so expect the bulls rally to be continue.
FIIs sold 1142.75 crores and DIIs bought 1468.09 crores.
Coming to global markets :- US and UK markets closed at higher on Friday and Currently Dow Jones , Nasdaq and UK futures are trading at higher.
Asian markets are mixed.
SGX Nifty is up by 140 points.
Coming to India :- Today our markets may open with huge gap-up based on SGX Nifty and global markets clues.
Any big gap-up is not good to chase in our markets and expect one round of sell off in the morning and if it is not happen then whole day markets may close with range bound moves.
Nifty is coming to 15,000 one more time and that is an make or break level and consider the FIIs selling number and banking stocks weak performance may pause the Nifty at 15,000.
Bank Nifty need support from Kotak Bank , ICICI bank and Axis bank and any bull momentum come in mentioned stocks then we may see bank nifty above 34k.
The one who is looking for support and resistances based on OI data and chart analysis :- Nifty had a strong resistance at 15,044 as chances of reversal is more from that level and support at 14,760.
Bank Nifty 33,000 is make or break level and if it holds above 33k today then further resistance will be at 33,700 and 33,000 will be act as support.
All The Best , Trade With Discipline.