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117. Pre Market Analysis - June 01 , 2021

  1. Nifty closed at Record high on Yesterday by gaining 147.15 points by the EOD.

  2. Sensex jumped 514.56 points and Bank Nifty rallied 385.30 points.

  3. Reliance continued the bulls momentum , Banking stocks and FMCG stocks supported to Nifty.

  4. IT and Auto stocks are under performing.

  5. First time in 2021 , India VIX closed below 17 ,as it indicates markets are still bullish so next coming days also we can expect some bullishness in our markets.

  6. FIIs and DIIs continued to be on buying side , as FIIs bought 2412.39 crores and DIIs bought 179.78 crores.

  7. There is one specialty in our Indian market, whenever we are in bulls markets we ignore little bit negatives news and Vice versa for bears market also .

  8. Yesterday was the clear example of above points because yesterday all Asian markets are negative and even SGX Nifty was down by 50 points but our markets ignored those all little bit negative triggers.

  9. Yesterday Auto sales data declared ,as expected it came with negative numbers so Auto stocks continue to perform weak.

  10. We entered to June month so new SEBI margin rules implementing from today but remember it wont react our markets because this news was declared 6 months back only so no one will get surprise to this news ,SEBI is doing their work as per their schedule .

  11. Coming to Global markets :- U.S markets was closed on yesterday and U.K markets are closed at negative and Currently Dow Jones , Nasdaq and U.K futures are trading at flat.

  12. Asian markets are mixed.

  13. SGX Nifty is up by 57 points as of now.

  14. Coming to India :- One more day for gap-up opening in our markets based on SGX Nifty and global markets clues.

  15. Markets getting support from two big gains which are Banking stocks and Reliance and however India VIX is also joining the party but Auto and IT stocks may spoil the party so we may go with buy on dips market today .

  16. Yesterday U.S markets was closed so with muted global clues we may go with our data so expect the markets in buy on dips or consolidation.

  17. If our markets open with huge -up then we may see one round of selling in the morning and afternoon we may see consolidation for premium erosion.

  18. Bank Nifty came to 35,500 which is an crucial level and if it holds above today then we can expect another 500 to 700 points rally towards upside.

  19. The one who is looking for support and resistances based on OI data and chart analysis :- Nifty nearest strike price 15,700 CE was added more contract which may act as resistance by this week and 15,500 will be an support now.

  20. Bank Nifty has a resistance at 35,840 and 36,000 and support at 35,500 if it breaks today otherwise 35,100 and 35,000 will be the supports.


All The Best , Trade With Discipline.

BONFIRETRADER

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