129. Pre Market Analysis - June 21 , 2021
Friday Markets closed in flat due to the huge short covering in the afternoon session .
Where as Nifty fell 300 points from Intraday high but closed with just 8 points loss by the EOD , Sensex gained 21.12 points and Bank Nifty fell just 47.40 points.
India VIX fell 3% even markets fell 2% in the morning and it indicates that markets are protecting at lower levels.
Where as FIIs bought 2680.57 crores and DIIs sold 446.20 points ,still FIIs are protecting the market.
HDFC Bank closed in positive due to ahead of dividend declaration .
But consider the way global markets weak performance may drag our Indian markets and everyone has a doubt that after FED announcement U.S markets fell less than 1% on Thursday but why U.S markets fell more than 1.5% on Friday , the reason for Fridays fall is due to Quadruple witching .
Quadruple Witching means Index Future and Options , Stock Future and Options will expire on the same day and it will expire on third Friday for every 3months and last time expired on march month , second time it expire on last Friday but still global markets are going with sell on rise markets only.
Coming to global markets :- Friday U.S and U.K markets fell more than 1.5 % and currently Dow Jones , Nasdaq and U.K futures trading in red.
All Asian markets are trading in negative ,where as Nikkei fell 1100 points today which will definitely impact on our markets.
SGX Nifty is down by 189 points as of now.
Coming to India :- Today our markets may open with huge down based on SGX Nifty and global markets clues.
Brent Crude is above 74$ now and USD/INR is above 74 rs which is completely negative sign for us and this is an pure sell on rise market now so any rise will be sell off so don't be on bulls side by today.
The one who is carrying over night CE positions definitely they will burn their hands by today and for sure their accounts will wipe , that's why we always said not to carry over night positions on weekends or holiday times now even god should save them.
Nifty getting support from 15,500 levels and check the way Friday rejection from those levels made us very interesting today and consider Fridays low as an support which is 15,450 and once it breaks with huge volume then fall may be drastic.
This is last expiry of the month so we may see huge volatility with odd moves .
Today markets may fall in the first one hour even with gap-down and any short covering like Friday may turn our markets to bullish otherwise markets may go to consolidation for whole day.
Bank Nifty 34,000 is an crucial level if it taken out today then the fall will be severe today and if you missed the rally in the beginning then don't chase it , wait for some consolidation and take breakout.
The one who is looking for support and resistances based on OI data and chart analysis :- Nifty had a resistance at 15,790 and support at 15,500 .
Bank Nifty any upside move if it breaks 35,000 and downside fall possible if it breaks 34,000 until that the fall will be less.
All The Best , Trade With Discipline.
BONFIRETRADER