146. Pre Market Analysis - July 16 , 2021
Markets hit fresh record high on Thursday driven by IT , Select Banks , FMCG and metal stocks.
Where as Nifty rallied 70.20 points , Sensex jumped 254.80 points and Bank Nifty shot up 239.40 points.
IT , L&T and Banking stocks mainly HDFC bank out performed yesterday .
Wipro , Tata steel came with good results so rally may continue on these stocks and
Today HDFC AMC , just Dial , L&T finance holdings are set to declare their results .
FIIs sold 264.77 crores and DIIs bought 439.41 crores.
Coming to Global markets :- Last night U.S and U.K markets closed at lower and currently Dow Jones , Nasdaq and U.K futures are trading at lower.
Most of the Asian markets are trading at lower.
SGX Nifty is up by 35 points as of now.
Coming to India :- Today our markets may open with gap-up based on SGX Nifty clues.
Consider the way yesterday markets closing at higher side , looks like bulls are completely charged and Nifty closed above 15,900 levels and Bank Nifty closed above 35,715 , it very hard to breakdown those levels by today so markets may go with buy on dips today .
But On the other side global markets are trading at flat in red and whenever global markets are muted then for sure we will always follow our markets so any rally on weightage stocks may lead our markets towards higher side .
If Dow Jones turned to 1% negative and if afternoon U.K markets fall 1% then we may see fall in our markets until that we go with buy on dips or range bound , even we can expect strong bulls rally but FIIs are not supporting to the markets so that is the reason for us to go on buy on dips or range bound market.
Today is an Friday so we may see Algo moves to adjust the premiums so beginners better stay away.
The one who is looking for support and resistances based on OI data with chart analysis :- Nifty had a resistance at phycological level 16,100 and support at 15,900.
Bank Nifty had a strong resistance at 36,000 and once it taken out then 36,386 will be an resistance and support will be 35,715 and 35,500.
Finally view is If Nifty and Bank Nifty breaks yesterdays high with huge volume then expect big bull rally until that we may see range bound market or buy on dips.
All The Best , Trade With Discipline.
Have a Profitable day.
BONFIRETRADER