154. Pre Market Analysis - Aug 03 , 2021
Good start to the week on Monday led by Auto , IT , Select Banks and FMCG Stocks.
Where as Nifty rallied 122.20 points , Sensex Jumped 363.79 points and Bank Nifty rose 125.70 points.
Yesterday as expected Auto sales and HDFC results posted good numbers so we have seen some positive action on those stocks yesterday and it my continue by today.
We expected a little correction in the first half itself but it didn't happened due to positive global clues & buyers strength too but markets always respect the support and resistances levels and we knew Nifty 15,888 to 15,920 is the zone which is not letting to go up from many times so even yesterday also happened same , as Nifty tried multiple times to break upside but they failed so finally FIIs came in the afternoon and sold the market,
Where yesterday also FIIs sold 1539.88 crores but DIIs protected the market by buying 1505.82 crores.
But markets recovered that sudden fall quickly and closed at days high which is an indication that still bulls are carrying their long positions but we are not expecting any aggressive rally on upside due to FIIs selling number so markets may go with buy on dips and may touch ATH by this week but don't expect aggressive rally on upside.
Coming to Bank Nifty, if you observe Banking stocks if two weightage stocks are performing good then other two are under performing as you see on yesterday HDFC bank, ICICI bank under performed but Axis Bank & Kotak Bank performed in positive so this is an indication that Bank Nifty wants to go in range bound and few levels which is 35000, 35372 are not letting to go up so until bn breaks 35,000 it will be in consolidation or fall.
Coming to Global markets :- Last night U.S markets closed at flat in negative but U.K closed in positive and Currently Dow Jones , Nasdaq and U.K futures are trading at flat.
Asian markets are mixed with flat.
SGX nifty is down by 44 points as of now.
Coming to India :- Today we may open with flat in negative based on SGX Nifty and global markets clues.
After opening the market first check where Nifty and Bank Nifty opened and if they opened at resistance levels which we mentioned in 6,7 points then don't be on long side until they taken out and if they failed to break then we may see little bit profit booking and that will be the best opportunity to scalp .
Watch out 15,888 to 15,920 area for Nifty towards upside breakout then go for long and downside 15,835 , 15748 levels to watch for breakdown then go for short.
Bank Nifty 35,000 is an crucial level until it breaks don't be on long side and 34,401 for downside and any big fall happen once it breaks 33,950 levels with huge volume.
All The Best , Trade With Discipline.
Wishing You a Profitable Day.