162. Pre Market Analysis - Aug 17 , 2021
Nifty continued to close at fresh record high with a help of Metal , HDFC twins , Bajaj Twins , Reliance etc..
Where as Nifty gained 33.90 points to 16,563 , Sensex rose 145.29 points and Bank Nifty fell just 74.85 points which is almost flat.
FIIs sold on yesterday with a number of 1088.32 crores and as usual DIIs protected by buying 506.21 crores.
Morning around at 10:30 A.M Reliance came up with news and after that it shot up 3% from days low and it boosted Nifty to closed above ATH as we can see only Reliance alone contributed 21 points out of 33 points rally on Nifty.
Looks like markets wants to consolidate up to some days due to at ATH but these days Nifty is running with stocks specific , as you can see last day Reliance , TATA Steel and before day IT stocks and if these are not contribute then Nifty will consolidate only due to Bank Nifty calm and .
Mostly Bank Nifty is going calm from last two days and remember when we prepare least on markets then markets will surprise us and when everyone is expecting or greedy then market will discount you so with two days of calm nature in Bank Nifty so we are expecting a move on any side soon but
Consider the way FIIs sold and Bank Nifty closing at days low and Banking stocks attempts at resistances and global markets mute , with all these still we are expecting range bound or breakdown on Bank Nifty and for any upside move Banking stocks need to breaks those resistance levels and we already mentioned those levels on yesterday's pre market analysis.
With stock specific days Nifty is getting support by anyone weightage stocks so it is inching slowly so now Nifty may consolidate or go with buy on dips .
Coming to Global markets :- Last night Dow Jones closed at ATH and U.K markets closed in red and currently Dow Jones , Nasdaq and U.K futures are trading with flat in red.
Asian markets are muted.
SGX Nifty is down by 10 points which is almost flat.
Coming to India :- Today our markets may open with flat due to SGX Nifty and global markets clues.
Read 5, 6 ,7 ,8 points and you will understand our complete view and for intraday view yesterday Bank Nifty 36,200 CE and 36100, 36000 PE huge OI builded and anyone side unwinding will give a breakout today and remember Bank Nifty needs to break 36,293 for upside and 35,800 for downside for any big moves until that we are expecting range bound moves.
Nifty will turn bearish until it breaks 16350 towards downside and expect consolidation or buy on dips markets by today on Niftyy.
Overall view is consolidation on Bank Nifty until it breaks the levels and Nifty may go with buy on dips and next range bound and
Avoid trading in the second half on index options due to tomorrows expiry.
All The Best , Trade With Discipline.
Wishing You A Profitable Day.
BONFIRETRADER