15. Pre Market Analysis - Dec 14, 2020
Friday Nifty fell 180points from intraday high and almost recovered by the end of the day
Bank Nifty fell 450 points from intraday high but recovered 300points by the end of the day and closed with positive
We already said in the Fridays pre market analysis that todays market will book from profits and it happened also, Friday fall is just due to profit booking and its an clear short covering in the afternoon session
We are at Higher levels and we already ran alot so expect some consolidation or correction
But FIIs again pumped 4,195cr on Friday so untill they give up expect bullish from markets and at the same observe DIIs also because they are selling very aggressively everyday even Friday they sold 2359cr
Nifty Energy and Nifty FMCG performed well on Friday
From last many days we have seen the most weighted stocks Reliance , HDFC bank and KOTAK bank are under performing but now from past 3days KOTAK bank performing well but still we need support support from other 2 stocks
If HDFC bank supports Bank Nifty then it will touch 31k by today and if Reliance supports Nifty then it will touch 13800 easily
Coming to Global markets :- Trump announced that covid vaccine will be free for all US residents
US markets closed positive on Friday and with vaccine news currently Dow Jones Fut trading in poositive
All Asian Markets are positive
SGX Nifty trading in positive
Coming to India :- Today the chances is more for gap -up opening in our market based on Global Market clues
If it opened with gap-up then wait for it to break yesterdays high
If Touches ATH then expect some selling pressure and for bank nifty still 1600 points needed to touch ATH
One who is looking for Open Interest Data :- 13600ce was seen at more contracts by this week and its an ATH strike price also so be cautious at higher levels
For Put options 13,500pe and 13,400pe will be the strong supports based on OI data
Bank Nifty 31000 will be the crucial resistance for today based on OI data and expected some consolidation before going to break it and 30000pe will be the crucial support for today based on OI data
All The Best , Trade With Discipline
BONFIRETRADER