133. Pre Market Analysis - June 25 , 2021
Markets closed at higher on Thursday with a help of IT , Financial & Metal stocks.
Where as Nifty rallied 103.50 points , Sensex jumped 392.92 points and Bank Nifty gained 253 points.
Nifty out of 103 points , IT stocks alone contributed 70 points and there are several factors for IT stocks rally like U.S tech stocks is trading at ATH and USD/INR price and July month ahead of first quarterly results and all these impacted IT stocks.
Yesterday Reliance Announced lot of good news but still Reliance fell more than 2% , no need to surprise for this because our Indian markets will always do buy on rumors and sell on news and exactly this is what happened yesterday
But if you see past 5 years data of Reliance AGM day , most of the times it fell on AGM day and coming days it shot up 10% and lets see whether they will follow the same pattern or not.
Yesterday FIIs were on selling side by tanking 2890.94 crores and DIIs bought 1138.76 crores .
We almost done with first quarter in 2021-22 year so July month 2nd week onwards we will see the results on every sector , First sector will be the IT sector and banking and Auto sales etc...so see which stocks performed well in this first quarter and those stocks may give good results so identify those stocks right now only.
Nifty again closed at 15,800 only and today if it directly opened above 15,800 then we may see retest at 15,800 levels , if it fails to hold at higher levels then we may see weak performance only.
Coming to global markets :- Last night U.S and U.K markets closed at higher and currently Dow Jones , Nasdaq and U.K futures are trading at higher.
Most of the Asian markets futures are trading at higher.
SGX Nifty is up by just 2 points which is just flat.
Coming to India :- Today our markets may open with flat based on SGX Nifty and global markets clues.
Consider the way markets closing yesterday of last 30minutes is an indication for us that bulls are still in momentum and global markets also very good so expect some buy on dips markets in our markets.
But the only two reason which is not convincing us to believe this bullish rally , one is crude rise and another one is levels which is 15,800 for Nifty and 35,715 for Bank Nifty.
From last two expiry series Nifty is trading in between 15,800 to 15,500 and bank Nifty is trading in between 35715 to 33,950 and if any of these levels take our to either downside or upside in this series then we may see big rally.
From many days markets are moving silently in the between one range but markets will always give sudden surprise and we almost done with range moves due ahead of July month results , now soon markets will surprise with big moves to any one direction so keep a eye on that.
Coming to support and resistances based on OI data with chart analysis :- Nifty had a resistance at 15,800 and if it breaks then it will act as support or else 15,680 will be the support..
Bank Nifty had a first resistance at 35,000 and next will be 35,340 and support at 34,540.
All The Best , Trade With Discipline.
BONFIRETRADER