168. Pre Market Analysis - Aug 30 , 2021
Friday Markets traded for the whole day at days highs and made new ATH with a help of all sectors except few weightage stocks like Reliance , HDFC Bank , Infosys.
Where as Nifty rallied 68.30 points , Sensex climbed 175.62 points and Bank Nifty just raised 10.20 points which is almost flat closing day for bn.
Another consecutive day for FIIs to be on selling side where FIIs sold 778.75 crores but DIIs protected the market by buying 1646.12 crores in cash market .
We waited for FED decision on Friday and looks like markets didn't reacted to that so now investors gates open to continue the bull run but one player cant make the team proud as entire team should get into the game but where as bank nifty was sleeping from many days so aggressive rally on Nifty is not possible until and unless bn comes into the race so expect Nifty buy on dips everyday .
Only one day ahead to the September month where new SEBI rules is going to start but we don't it will impact big because the news didn't came by one day before as SEBI gave statement one year back only and they implemented this plan by every 3 months so every investor prepared their game play but
The retail trader need to lean this market now because the volatility will increase more and the one who is waited for leverage on border with a hope , now those all will be added to options buyers zone so we are scalper and crowded places always give fake entries so be cautious and learn this for few days by trading with less capital and make money rather than following the old pattern and loosing .
One more thing we need to keep a eye on markets that we are entering in the new month so every new month first week we will see Auto sales data , PMI data , and U.S jobs report on Friday etc.. along with this month we have Quarterly results too and we knew First IT sector results will come and next banking sectors so focus on IT , Banking , AUTO stocks by this week and next week for intraday play.
Coming to Global markets :- Last Friday U.S and U.K closed at higher , where as Dow Jones closed at ATH and currently Dow Jones , Nasdaq and U.K futures are trading at flat.
Asian markets are mixed.
SGX Nifty is up by 95 points as of now.
Coming to India :- looks like today our markets may open with new ATH and above 16,800 based on SGX Nifty and global clues.
If have no negative news so any dip will be buy today but remember Bank Nifty structed in range so breakout will decide the direction today on bn and
If markets open with big gap-up then wait for correction and buy at dips and keep a eye on bn if it holds above 35,800 in the morning session then it may reach 36,000 mark.
Avoid opening trades if markets open with huge -up and if less then we may see gap-up for first hour and then correction may happen or range bound then another upside move may come.
Bank Nifty had a resistance 35,715 to 35800 area and if it breaks then 36k will be next one and support at 35,500 based on OI but based on chart 35,429 and 35,217 as support.
Nifty had a psychological resistance at 17,000 and support at 16,718 which is Fridays high.
All The Best , Trade With Discipline.
Wishing You A Profitable Day.
BONFIRETRADER.