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138. Pre Market Analysis - July 05 , 2021

  1. Markets closed in positive on Friday due to strong recovery in the last one hour and supported by big giant Reliance , selected bank and IT stocks.

  2. where as Nifty gained 42.20 points , Sensex rallied 166.07 points and Bank Nifty was up by 125.90 points.

  3. FIIs continued the selling number by tanking the 982.8 crores and DIIs bought 930.39 crores.

  4. Few stocks which are in news today :- HDFC , Dmart , Tata Steel , HCL tech and we may see some active movement on these stocks today.

  5. Its very difficult for us to predict the market on these days because markets are moving with wide range with bearish moves but there is no point to expect bearish breakout because we don't have any big negative news as of now ,if we get any negative news in coming days and Nifty breaks 15,500 with huge volume then fall will be drastic.

  6. Until that our markets will be in consolidation mode only .

  7. Two major reasons which are disappointing the investors ,one is FIIs selling numbers daily and another one is rise in Brent Crude , those two are completely negative sentiment for us so upside moves also limited until these two issues solve.

  8. OPEC meeting is there today and any stimulus talks will impact the entire global markets .

  9. Coming to Global markets :- Last Friday U.S markets closed at higher but U.K markets closed with flat and today U.S markets are holiday so we will see less clues.

  10. Currently Dow Jones , Nasdaq and U.K futures are trading in negative.

  11. Most of the Asian futures are trading at lower.

  12. SGX Nifty is up by 93 points as of now.

  13. Coming to India :- Today our markets may open with gap-up based on SGX Nifty clue.

  14. We may follow our data today due to holiday in U.S so wait till 10 A.M and decide the direction.

  15. Looks like global markets clues may spoil our gap-up opening so expect some sell off at higher levels after gap-up and remember from many days Nifty is opening above 15,800 but closing by the EOD below 15,800 , this makes sense for us to stay cautious at 15,800 levels and if it sustains above 15,800 in the morning session then it wont fall in the afternoon session.

  16. We may follow our data today due to holiday in U.S so wait till 10 A.M and decide the direction.

  17. Same like Bank Nifty also as it is dancing at major level which is 35000 and today if it open above 35,000 then wait and watch first one hour whether it is holding above 35,000 or not , if it holds then bank nifty may be bullish today and if it fail then one more day for us to be on bearish .

  18. Avoid gap-up chasing trades today and after sell off in the first few minutes , keep a eye on yesterdays closing price and if it breaks then markets may turn to bearish and on these markets its better to catch only perfect entries and close the laptop rather than trading on every candle .

  19. The one who is looking for support and resistances based on OI data with chart analysis :- Nifty 15,835 is an resistance and next will be 15,898 and support will be 15,656.

  20. Bank Nifty have a resistance at 35,333 and mainly 35,000 will be resistance and if it breaks then it will act as support and for further fall watch 34,558.


All The Best , Trade With Discipline.

BONFIRETRADER.


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