16. Pre Market Analysis - Dec 15 , 2020
Nifty turned lower after hitting All The High.
Since last 3 days ,Nifty closing nearer to opening levels , which is an indication of the consolidation nature of the market.
After many days Bank Nifty traded in a narrow range of 200 points . Such type of range gives big move by next day with huge volatility.
FIIs bought only 2,200 crores , Now they are getting cool down but DIIs sold 1720 crores in the market , they are selling very aggressive everyday.
Yesterday big stocks like Reliance , HDFC bank , ITC , INFY, under performed.
ICICI bank alone contributed 15points in Nifty and 140 points in Bank Nifty.
Cipla shot up 4% due to vaccine news and Hindpetro shot up 5% and last 2 days ONGC up by 10% and NMDC up by 5% due to opening their buyback shares from Dec 17.
Coming to Global Market :- Yesterday US market fell 450 points from Intraday High and closed lower due to increasing fears of New lockdown measures and currently Dow Jones Fut trading in flat with positive
All Asian Markets are trading at Negative
SGX Nifty was flat in Negative as of now
Coming to India :- Today Our markets will slightly open with flat based on Global markets clues
Nifty will continue the consolidation for next few days
Nifty need huge volume to break ATH and it cant break alone , Nifty need a support from Reliance until Reliance , HDFC twins came into action expect the consolidation or little bit profit booking for next few days
Bank Nifty had a strong resistance at 31k and it requires a huge volume to break it but HDFC bank is the top weighted stock for bank nifty and HDFC is the only stock which was dragging Bank Nifty everyday
So expect both side moves today until HDFC bank came into action
The one who is looking for Open Interest data :- 13600ce was seen at more contracts which will act as strong resistance by this week and 13700 and 13800 will be the next resistances
For Put options 13,500pe was seen at more contracts which will act as strong support and 13,400pe , 13,300pe will be the next supports
Bank Nifty 31000ce was seen at more contracts which will act as strong resistance by this week and 31,500ce will be next resistance .
For Put options 30,500pe and 30,000pe will be the strong supports by this week
All The Best , Trade With Discipline