167. Pre Market Analysis - 26 Aug 2021
Nifty & Sensex made new ATH in the first hour itself but failed to hold at ATH by the EOD.
Where as Nifty gained just 10.10 points which is almost flat , Sensex was down by 14.77 points and Bank Nifty fell 125.80 points.
Second straight day for FIIs to be on selling side as they sold 1071.83 crores again and this time DIIs were also on selling side by tanking just 151.39 crores.
Yesterday we said about bank nifty view and it happened so now you understood how FIIs and levels impact on the index.
Even yesterday bank nifty crossed 35,800 area but failed to hold above the level and came below 35,715 and closed below that so still we can continue the same view.
Nifty is having support from IT and reliance stocks and sometimes metals is giving so that is the main reason for Nifty to inch slowly upside but don't expect big moves on Nifty without bank nifty contribution.
Bank Nifty now trading in consolidation with a range of 300 to 400 points on intraday and now it requires any news to trigger on directional side but we have 2nd quarter results on next month and until that we don't have any news in domestic but
Coming to global there is one event on U.S which is FED meeting on Friday where we need to be cautious so any stimulus talk will be impact on our markets on Monday so wait for it and don't carry any positions on Friday as it will be risky.
Coming to Global markets :- last night U.K and U.K markets closed at flat in positive and currently Dow Jones , Nasdaq and U.K markets are trading in red.
Most of the Asian markets are trading in red.
SGX Nifty is up by just 4 points which is flat.
Coming to India :- Today our markets may open with flat based on SGX Nifty and global markets clues.
Today is the last expiry of this month and last expiry for SEBI old rules and this will be one of the most volatile expiry by today so play with less and rather than expecting trendy day just go with the moves and capture it on both sides and make money and stay cautious in the afternoon as it will give wild moves on afternoon.
Mark same levels as we gave on last analysis , Bank Nifty had a resistance at 35715 to 35,800 area and support at 35,500 based on OI and next support will be 35,219.
Nifty had a support at 15,591 and next will be 16,508 and resistance at 16,701 which is ATH area.
Overall view is range bound or bearish until bank nifty breaks 35,715 to 35,800 area and its best to be on both sides.
All The Best , Trade With Discipline
Wishing You A Profitable Day.
BONFIRETRADER