157. Pre Market Analysis - Aug 09 , 2021
One of the best roller coaster rally for markets on last week and by the end of the week markets closed with 3% gain in a week.
On Friday Where as Nifty fell 56.40 points , Sensex was down by 215.12 points and Bank Nifty closed with a loss of just 25.55 points which we call it as flat.
FIIs sold 69.37 crores and DIIs sold 631 crores and looks like DIIs started booking their profits by little bit in the cash markets.
Last week Nifty gave a strong out but Bank Nifty is still dancing at resistances level.
From many days Bank Nifty danced in between a range of 33950 to 35715 and last week it gave a breakout and closed at 36,200 region but again Bank Nifty is retesting the 35,715 levels and if that level is taken out by downside then again we may see consolidation for next coming days or,
If any strong pull back happen at 35,715 level then we can expect the Bank Nifty up to recent highs which is 36,200 level.
Nifty needs to break breakout candle high which is Aug 3rd high 16,147 for any reversal sign and also major level 16,000 should be taken out for further big fall.
We are expecting pull back or range bound in Bank Nifty until and unless HDFC Bank & Kotak Bank turns into negative .
Coming to Global markets :- Last Friday U.S and U.K markets are closed at flat in positive and currently Dow Jones , Nasdaq and U.K futures are trading at flat in negative.
Asian markets mixed.
SGX Nifty is down by just 16 points as of now.
Coming to India :- Today our markets may open with cautious note based on SGX Nifty and global markets clues.
Brent Crude came below 70 which is an positive for us and also HDFC bank is not falling even all banks are falling so if any gap-down in our markets then we may see pull back towards upside due top strong support zone at 35,715 and as a scalper its an best opportunity to scalp every pull back and this is not a markets to trail the stop loss better to scalp every dip and exit the trade .
Looks like OI building at nearest level which is 16,300 for Nifty and support at 16,147 which is breakout candle high.
Bank Nifty major level 35,715 region until it breaks don't be on PE side and resistance at 36000 and 36,200.
When index are facing the crucial levels then we will always see stock specific actions so beginners can trade on equity stocks if cant scalp quickly on index at this phase.
Overall view is pull back markets or range bound until 35,715 taken out.
All The Best , Trade With Discipline.
Wishing You A Profitable Day.
BONFIRETRADER