14. Pre Market Analysis - Dec 11, 2020
Yesterday we expected gap-up for Nifty and Bank Nifty but a sudden fall after 08:40 A.M on Global Markets made our markets Gap down opening.
Yesterday fall is very good for us because Nifty was rallying from many days , its not an healthy market if we saw such kind of rallies without correction or consolidation.
Yesterday its an pure profit booking day . Don't think that its an reversal for Nifty ,its just profit booking ,as you can see Nifty almost recovered the fall in the last one hour , it indicates that its an pure profit booking.
Still Market looks bullish but before going to make big move towards upside they have to take some deep breath for atleast sometime . so this is the time to make consolidation before the action brings into the market.
So expect some consolidation for sometime if Nifty breaks ATH with huge volume then our Nifty will reach 13800 easily.
Yesterday Nifty FMCG performed very well.
Coming to Global Markers :- Yesterday US market closed lower ,currently Dow Jones Fut trading in flat.
Asian Markets are showing little Negative direction.
SGX Nifty trading flat with negative as of now.
Coming to India :- Todays Our Markers will Open flat with Negative based on Global Markets clues.
If Our markets opens with gap-down then don't try to chase it. just wait for sometime to get a direction then go for the trade.
Nifty had a crucial support at 13,300 and Bank Nifty had a support in between the area of 30,300 to 30,400 so expect some buyers kick from those areas and if it breaks with huge volume expect some more fall.
Today is Friday , Usually most of the people wont add their new positions , they will try to adjust the old positions because 2days will be holiday
So don't try to add new positions on Fridays ,because market wont be there for next 2days ,any negative news can effect our market on Monday
The One who is looking for Open Interest Data :- Nifty 13500ce was nearest crucial resistance which was seen at more new contracts and 13,600,13,700 will be the next minor resistances
For Put Data - 13,300pe and 13000pe was seen at more contracts which will act as crucial support for today
Bank Nifty had a strong resistance at 30,600 which was seen at more contracts and 30,500 & 30,000 will be the major supports for today
All The Best , Trade with Discipline