148. Pre Market Analysis - July 20 , 2021
Markets ended with deep red on first day in a week.
Where as Nifty fell 171 points , Sensex declined 586.66 points and Bank Nifty tanked 672.60 points.
FIIs sold 2198.71 crores which is very big number in last one month and as usual DIIs supported the market by pumping the 1047.66 crores.
Markets are falling because of global markets weakness and global markets are falling due to rise in Delta variant cases but remember markets wont react to the same news again and again ,
How ever our markets already fell 10% on May month time and that time global markets moved higher and we fell 10% , now global markets started falling but our markets will fall very very less compare to global markets.
There are lot of reasons for us to under perform rather than expecting aggressive bulls rally .. here are the reason we are mentioning below.
(a).Our markets consolidating from past many days at higher levels but not able to make any big move on upside .
(b).FIIs are continuously selling from many days , until they turn positive we cant expect a big move on upside.
(c). Quarterly results are declaring by many companies , however they are posting the good numbers but it is not expected results as per investors so investors getting disappointed and selling market as you can see the best examples of TCS , Infy , HDFC bank etc..
7. With all these reasons , our markets are not convincing to move higher and along with weak global market clues so investors combined all the reasons and selling it now , so next few days also markets wont fell big but they will fall by sell on dip.
8. HCL tech declared positive quarterly number on yesterday and Today Bajaj Finance , Asian Paints are declaring their results Nifty 50.
9. Coming to Global markets :- Last night U.S and U.K markets closed more than 1.5% lower and Currently Dow Jones , Nasdaq and U.K futures are trading with positive.
10. Most of the Asian Futures are trading in positive.
11. SGX Nifty is down by just 7 points as of now.
12. Coming to India :- Our markets may open with cautious based on SGX Nifty and global markets clues.
13. Looks like global markets are recovering the yesterdays drastic falls and check the way Crude fall is a sign for bullish too but USD/INR is still rising which is bad for our markets .
14. Tomorrow is holiday and day after tomorrow will be the expiry so today volatility will be very high and beginners better to stay away in the afternoon and today we may see pull back moves on both sides so just mark the support and resistances on Nifty and Bank Nifty and check weightage stocks moves , take quick scalps on both sides.
15. If you are not able to understand this market then sit and observe because trust me this will be continue for next coming days so if you are not adopting this then for sure you will get wiped and many beginners will be rules out in next coming months so trade carefully then take entries or else start trading only on our live sessions, that is a best suggestion we can give in this environment.
16. The one who is looking for support and resistances based on OI data with chart analysis :- Nifty had a resistance at 15,835 and support at 15,637.
17. bank Nifty had a resistance art 35,372 an support at 34,652.
All The Best , Trade With Discipline.
Wishing You A Profitable Day.
BONFIRETRADER