134 . Pre Market Analysis - June 29 , 2021
Markets hit their fresh all time high but failed to hold at higher levels , by the EOD ended with red.
Where as Nifty fell 46 points , Sensex lost 189 points and Bank Nifty closed with just 5 points negative which is flat closing day.
weightage stocks like Reliance , IT stocks , Banking stocks are not supporting to the market .
FIIs sold 1658.72 crores and as usual DIIs was in opposite side to FIIs by pumping 1277.08 crores
Yesterday both global markets and domestic markets are in muted ,as yesterday morning global markets are flat so our markets didn't moved well in the opening hours and after that we got a news that FM meeting will be at 03 P.M so people waiting for FM talks but she announced everything related to pharma sector and loans which is good for micro financial companies so big companies like HDFC , Axis Bank , ICICI Bank , BAJAJ Twins didn't reacted well after 03 P.M due to that reason.
Remember "Silent will be always violent " , As of now markets are moving silent and investors are writing on both side premiums but expect one violent move which may wipe out all the retail traders so waiting for good breakout is make a sense rather than trading on every fake outs.
Coming to global markets :- Last night U.S and U.K markets closed at lower but Nasdaq made new ATH due to rise in tech stocks
Currently Dow Jones , Nasdaq and U.K futures are trading at lower.
Most of the Asian markets futures are trading at lower.
SGX Nifty is down by 26 points.
Coming to India :- Today our markets may open with cautious based on SGX nifty and global markets clues.
Nifty is trading in between a range of 15,800 to 15,500 and from many days it is opening above 15,800 but closing below it , dancing at one level from long time is an sign of big trap so expect breakout move to any one side and if it is upside then markets touch ATH and if it is downside then markets touch 15,650 levels quickly.
Bank Nifty need to break 35,715 to fly 1000 points to upside , until that Bank Nifty will trade with less moves.
Global markets are weak , Crude came below 74$ but Rising USD/INR , with all these things any gap-up will be sell -off today in the opening hours so chasing gap-up is not a good one .
Call side OI is more compared to put side so as per dat breakout may come to downside and global markets are also in red, but any sudden change or short covering from call side may trigger the market towards upside.
The one who is looking for support and resistances based on OI data with chart analysis :- Nifty had a resistance at ATH and next will be 16,000 and support at 15,675.
Bank Nifty had a resistance at 35,715 and support at area if 35,000 to 34,860 .
All The Best , Trade With Discipline.
BONFIRETRADER