160. Pre Market Analysis - Aug 13 , 2021
One more day for Nifty to close at record high by gaining 82 points to 16,364.40 and where as Sensex gained 318 points and Bank Nifty raised just 130 points.
After BSE clarifications on new rule many of the investors taken long breathe and that impacted on yesterday as you can see they stopped selling on most of the stocks and rally happened now.
FIIs were on selling side by tanking 212.11 crores and DIIs bought 307.75 crores and both are less so no need to worry and it indicates that no aggressive fall or rally on any side.
Nifty looks so strong compare to Bank Nifty but rally on Nifty will not be aggressive as we always said when ever our markets reach to ATH it needs good news to fly otherwise it will inch slowly as it is happening now on Nifty.
Banking stocks are facing some resistances for Upside as HDFC Bank - 1500 , Kotak Bank - 1800 , Axis Bank - 765 , ICICI bank - 707 , SBIN - 430 and if these levels taken out towards upside then Bank Nifty will easily break 36290 which is recent high and these levels for short term view not only for intraday.
Coming to Global markets:- Last night U.S and U.K markets closed at flat and currently Dow Jones , Nasdaq and U.K futures are trading at flat.
Asian markets are muted.
SGX Nifty is down by 5 points which is almost flat.
Coming to India :- Today our markets may open with flat due to muted clues from Global markets.
We entered into the 3rd week series expiry of this month and this month we have only 4 trading sessions and it will get benefit to options writers so as a option buyers we will get less chances so scalping is the best technique in this market.
Our Nifty is at ATH and Dow is trading at ATH and with muted global clues and consider today is an Friday so with all these things we would suggest to stay away from markets today and we may see very less moves today due to all these.
Bank Nifty is trying to breakdown 35,715 to 35,800 zone from many times but there is no negative to expect a fall in the bank nifty so expect a range bound moves in the market .
Nifty had a resistance at Psychological level which is 16,500 and OI also building heavily and nearest support at 16,200 & next 16,200 based on OI but with chart 16,293 and 16,207 are the supports.
Bank Nifty had a resistance at 36,293 and support at 35715 to 35800 .
All The Best , Trade With Discipline.
Wishing You A Profitable Day.
BONFIRETRADER