106. Pre Market Analysis - May 17 , 2021
Markets closed in flat with Negative bias on Friday .
Where Nifty fell just 18 points by the EOD , Sensex closed with a loss of 41.75 points only but Bank Nifty was down by 282.75 points.
Banking , Metal , IT , Auto and selected Pharma stocks dragged the market on Friday but few important stocks like Reliance , Asian paints , UPL , L&T , ITC , HUL , Nestle Ind protected Nifty to close in flat.
FIIs selling number still continuing as they sold 2607.85 crores and DIIs bought 613.26 crores.
Do you know why we always follow FIIs number? because FIIs always use their money in smart way so any of their decisions will change the market direction and that is the reason why we always track FIIs behavior.
L&T , Cipla , Asian paints all came with good results and that is main reason for rising in those stocks and it may continue.
Today Nifty 50 stock Bharti Airtel is set to declare their result.
Coming to global markets :- US and UK markets closed at higher on Friday .
US 10yr bond yield is falling , Crude is falling which is an positive for US markets and for us also and Currently Dow Jones , Nasdaq and UK futures are trading in negative as of now.
Most of the Asian markets are positive in the morning but now they turned to negative as of now.
SGX Nifty is up by 70 points just 10 minutes back but now it is up by just 45 points .
Coming to India :- One more cautious opening in our market today based on SGX Nifty and global market clues.
Our markets only move with two perceptive , one is following the global markets and another one is taking support from domestic news but as of now global markets are moving with whip-saw moves just now entire global markets change the direction to negative side and in our country covid cases are cooling down and few individual stocks are supporting our markets .
Investors cant make money in this narrow range markets but trader can make money by taking the trades on both sides .
Mark some support and resistances levels and follow the data and take the entries on both sides with a support of volume.
If markets open with gap-down then expect some continuation fall in the first hour after that expect some short covering moves and any fall more than 1% will be an opportunity to buy at lower level.
The one who is looking for support and resistances based on OI data and chart analysis :- Nifty 14,515 will be an crucial support , once it breaks then expect further fall and resistance at 14,759 and 14,860.
Banking stocks are under performing and it may continue by today also but watch few level towards downside at 31,980 and 31,656 and resistance at 32,500.
All The Best , Trade With Discipline.
BONFIRETRADER