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137. Pre Market Analysis - July 02 , 2021

  1. Markets closed in red for the fourth consecutive session .

  2. Where as Nifty fell 41.50 points , Sensex dropped 164.11 points and Bank Nifty lost just 89 points.

  3. One more day for FIIs to close the day on selling side by tanking 1245.29 crores and as usual DIIs supported the market by pumping the 880.60 crores.

  4. Yesterday Auto and Pharma stocks supported to market and Auto stocks rallied due to hope on monthly Auto sales announcement .

  5. We are done with first series of expiry in this month and as we said the first expiry will be keep and clam and now we entered into second expiry and we are expecting same range bound moves in this expiry also .

  6. But remember we are not only done with first expiry and we are done with first quarter of this financial year also so now this is results time and we already know first results will always announce the IT sector and first stock which is Infosys is declaring their results by next week so any rally in IT stocks may leads Nifty to ATH easily.

  7. Last two days markets are in consolidation with bearish moves and today is an Friday and also remember today U.S job reports will come , so one side Friday and another side jobs reports and both will make investors to be on mute .

  8. So expect consolidation by today also but any position adjustments or short covering in the afternoon session may lead markets to higher but the over all view is range bound with bearish.

  9. Also RBI announcements on banks NPA may trigger banking stocks today so keep a eye on that also

  10. Coming to Global markets :- Last night U.S and U.K markets closed in positive and Currently Dow Jones , Nasdaq and U.K futures are trading at flat.

  11. Most of the Asian markets was down by more than 1% except Nikkei and Hang Seng which are trading at flat in positive.

  12. SGX Nifty is just up by 17 points as of now.

  13. Coming to India :- Today our markets may open at cautious based on SGX Nifty and global markets clues.

  14. Looks like our markets tired at ATH so we are consolidating with range so Don't expect any big rallies in our markets along with weak global clues too.

  15. Avoid the gap-up chasing trades today and wait till 10 A.M and trade based on weightage stocks move and OI data.

  16. The one who is looking for support and resistances based on OI data with chart analysis :- Nifty 15,800 CE was writing aggressively so it may not break by today towards upside and 15,700 PE also a nearest support which was added more contracts so Today Nifty may trade in between the range of 15,800 to 15,700 and any break 15,700 then next will be 15,650.

  17. Bank Nifty had a resistance at 35,000 and support at 35,550 and 34,430 once these two taken out then expect the fall up to 33,950.

All The Best , Trade With Discipline.

BONFIRETRADER

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