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104. Pre Market Analysis - May 12 , 2021

  1. Markets fell after five consecutive gains due to weak performance in global markets.

  2. Nifty fell almost 170 points in the day but it closed with 91.60 points loss , Sensex slipped 340.60 points and Bank Nifty closed with a loss of 270.20 points.

  3. Private Banks , IT , Metals and Pharma stocks which was dragged our markets but Public sector banks and Nifty Energy and Tata Steel supported the markets.

  4. After long time India VIX closed below 20 even we closed in red which is an indication for us that there is no big fall in coming days.

  5. FIIs and DIIs were both on selling side as FIIs sold 336 crores and DIIs sold 676.67 crores and it was very less number and that is the main reason for not falling big yesterday.

  6. Remember when all global markets are heading towards ATH we are under performing due to rise in Covid cases and now all global markets started booking their profits at the higher levels and that is the main reason for fall in global markets.

  7. We already fell in the past days now in India Covid cases are cooling down and most of the weightage stocks declared Q4 results in positive.

  8. So there is no point of expecting big fall in our markets and all global markets already went to ATH and we are the only tortoise(Indian markets) heading towards ATH slowly.

  9. Nifty had a strong resistance area at 14,900 to 15,000 and we need to wait to break that area with huge volume until that markets may move in range bound but remember it wont fall big.

  10. FIIs and DIIs selling number less and we recovered very fast after opening with huge gap-down so even today we if see any big fall more than 1.5% to 2% will be an opportunity to buy at lower swing.

  11. Today Nifty stocks UPL , Asian paints are set to declare their results.

  12. Coming to global markets :- US and UK markets closed at lower on last night.

  13. Currently Dow Jones , Nasdaq and UK futures are trading at lower.

  14. Asian markets are mixed.

  15. SGX Nifty is trading at 26 points lower as of now.

  16. Coming to India :- Today our markets may open with flat in negative based on SGX Nifty and global markets clues.

  17. Today we cant predict the market with psychology because today is an expiry day and mostly our markets are respecting support and resistance levels on these days.

  18. So its better to scalp on both side moves and avoid the trades at no trade zones and try to stay away in the afternoon session due to expiry day moves.

  19. The one who is looking for support and resistances based on OI data and chart analysis :- Nifty 15,000 and 15,100 CE was added more contracts which will act as strong resistance for today and any pullback can expect at 14,776.

  20. Bank Nifty for upside watch 33,260 and downside watch 32,440 area.


All The Best , Trade With Discipline

BONFIRETRADER

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