105. Pre Market Analysis - May 14 , 2021
Markets continued the losses for the second consecutive day due to weak global clues.
Nifty fell 154.30 points , Sensex declined 471.01 points and bank Nifty was down by 419.90 points.
Private banks , IT , Metal and selected FMCG stocks dragged the market on Wednesday.
India VIX closed at 20 but its very less gain so the fall which is happening in our markets just only because of global markets and once it recovers then we may turn to bullish .
Second straight day for FIIs and DIIs to be on selling side , as FIIs sold 1260.59 crores and DIIs sold 704.36 crores.
Most of the Nifty stocks declared their quarterly results in positive so there is no chances to see any big fall in our markets but one side there are some crucial levels which is pausing our markets and other side we should come out of the problem of Covid.
Today L&T , Cipla , Dr. Reddy's are the stocks from Nifty which are set to declare the quarterly results .
Coming to global markets :- After 3 days major fall in US markets , last night US markets closed at higher and very fast recovery .
Currently Dow Jones , Nasdaq and UK futures are trading at higher.
Most of the Asian markets are positive.
SGX Nifty is back to normal level which is at 14,678 ,as yesterday it fell 200 points but now it turned to positive and trading with a gain of 188 points.
Coming to India :- Today our markets may open with flat in positive based on SGX Nifty and global market clues.
The one who is carrying over night positions from Tuesday or Wednesday , they think that their account might wipe today but a sudden recovery in all global markets made them to take some peaceful breathe .
Remember whenever we are trading on Index options or futures , its important to track the weightage stocks levels because any pause of those stocks may drag indices so its better to track the support and resistance levels of weightage stocks.
As for Bank Nifty we should keep a eye on HDFC bank - 1420 for upside and 1380 for downside , ICICI bank - 606 up , 588 down , Kotak Bank - 1805 up , 1700 down , Axis Bank - 717 up , 684 down , SBIN - 385 up, 315 down....track these levels while trading on Bank Nifty .
Today is an Friday so we may see less moves and premiums are very high so expect the expected volatility as usual.
If markets open with positive side then expect buy on dips markets in the first one hour after that market may move based on weightage stocks performance.
The one who is looking for support and resistances based on OI data and Chart analysis :- Nifty had a resistance at 14,849 and support at 14,655.
Bank Nifty had a resistance at 33,290 and support at 32,319.
All The Best , Trade With Discipline.
BONFIRETRADER