126. Pre Market Analysis - 15 June 2021
Markets closed with flat in green yesterday ,Where as Nifty gained just 13 points , Sensex was up by 77 points and Bank Nifty fell 96.80 points.
After a Big fall in the markets in the morning session immediately same day itself in the afternoon session markets recovered very quickly.
Few stocks like Reliance , IT stocks , Bajaj Finance , L&T which helped to Nifty from the morning .
The only reason for yesterdays sudden fall is due to circular came before market opening from NSDL on Adani Group so all Adani stocks touched to lower circuit yesterday but Adani ports is the only one stock which is in Nifty so that's why Nifty didn't reacted drastically but people shorted in other sectors which is directly or indirectly linked to Adani so that is the reason for big fall on every stock .
Remember our markets are pure bullish from many days so we can expect a big fall or a big correction only when we get a severe bad news so these falls are just happen because of panic from one Big company so that is the reason our markets fell drastically in the morning but investors utilized the opportunity by buying at lower levels and pulled back the markets to same place where the selling rally started.
But staying away from Adani Group of stocks for some days makes sense and once we get clear news then start trading on it.
Yesterday FIIs sold 503.51 crores and DIIs bought 544.26 crores.
Nifty put side change in OI is more compare to call side which is an indication that markets are still sitting with bullish view so yesterday fall is just minor and also we knew any minor fall in bulls markets will be an opportunity to buy and that is exactly happened yesterday.
Coming to global markets :- Last night U.S markets and U.K market closed with mixed and Currently Dow Jones , Nasdaq and U.K futures are trading with flat in positive.
Asian markets Nikkei is in positive but Hang Seng is in negative.
SGX Nifty is just up by 3 points as of now.
Coming to India :- Today our markets may open with cautious based on SGX Nifty and global markets clues.
Brent Crude is at 72.98$ which is completely not a good sign for our markets so we may not fall right now but for sure we may not go with big moves towards upside until Crude price comes below 70 we will see our markets in consolidation or buy on dips for next coming months.
With weak global clues and Adani news and FIIs selling number in bulls markets , after seeing all these mixed reasons its better to stay away from the opening trades because this is not a market to go for morning trades so wait till 10A.M and decide the direction and take the trades.
Bank Nifty 35,000 is an crucial level so dancing at 35000 without moving to any side is not a good sign to take the trade on Bank Nifty.
The one who is looking for support and resistances based on OI data and Chart Analysis :- Nifty had a resistance at 15,835 which is ATH and support at 15,700 and 15,610.
Bank Nifty breaking 35,000 to any side which may act as support and resistance based on breakout and support at 34,420 and resistance at 35,330.
All The Best , Trade With Discipline.
BONFIRETRADER