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118. Pre Market Analysis - June 02 , 2021

  1. Nifty closed flat in negative after 7 consecutive trading gains.

  2. Nifty closed with just 7.90 points which we call it as flat closing day, Sensex closed with 2.56 points lower and Bank Nifty fell 189.45 points.

  3. Few weightage stocks supported and few dragged the Nifty and this is called index management .

  4. Don't think yesterdays fall is due to selling pressure , it just because of profit booking and mainly Few banking , Metal , Select Auto and FMCG stocks started booking their profits.

  5. SBIN is the only bank which supported to Bank Nifty yesterday and SBIN hitted ATH also.

  6. FIIs sold 449.86 crores and DIIs bought 230.49 crores.

  7. Reliance is facing a strong resistance at 2200 which may drag Nifty until it breaks 2200 with good volume it will be consolidated only.

  8. Banking stocks like HDFC bank -1521, Kotak Bank-1800 , ICICI Bank -656 , Axis Bank - 754 , focus on these levels as soon as these levels taken out with good volume then expect rally on Bank Nifty.

  9. ITC came with good number so we may see some action in that.

  10. Coming to Global markets :- U.S markets closed in negative except Dow Jones and U.K markets closed at higher .

  11. Currently Dow Jones , Nasdaq and U.K futures are trading at higher.

  12. Most of the Asian futures are trading at higher.

  13. SGX Nifty is trading with 16 points loss to 14,616 as of now.

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

  15. Yesterday onwards new marlin rules started and remember it is not for one day or two day ,it is for life time so we should upgrade our self to the market so due to less leverage we may see less volume moves.

  16. The one who is trading with volume , they must observe the market at least 2 to 3 days in live to understand the volatility in these new markets .

  17. Now little profit booking started in our markets but don't expect big correction in our markets because markets only correct when we see any bad news otherwise they will put markets in consolidation for few days then will continue the rally.

  18. Dow jones back to market and now we have clues but today is an Wednesday so expect erosion moves and any huge gap-up will be an opportunity for seller to short the market so we may see little bit minor fall in the morning session in intraday and afternoon expect erosion moves to reduce the premiums.

  19. The one who is looking for support and resistances based on OI data and chart analysis :- Nifty may take resistance as recent high which is 15,660 and support will be at 15,328 which is yesterday low, breaking any of these levels will be give a direction today otherwise expect wide range moves.

  20. Bank Nifty will trade in between a range of yesterdays high and low and if low breaks then expect it up to 35k.


All The Best , Trade With Discipline.

BONFIRETRADER

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