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17. Pre Market Analysis - Dec 16 , 2020

  1. Nifty started consolidating at higher levels.

  2. Bank is struggling to break 31,000.

  3. From past 5 days Market was falling in the morning session and recovering in the afternoon session.

  4. FIIs bought 2484cr and DIIs sold 2666cr aggressively.

  5. Yesterday Nifty Auto , Metal , Financial service stocks performed well

  6. Banking stocks under performing.

  7. Coming to Global Markets :- US markets closed at higher and this is an indication that day Monday fall was just profit booking not reversal.

  8. Currently Dow Jones Fut trading at little bit negative.

  9. All Asian markets are positive as of now.

  10. SGX Nifty up by 25points as of now and it made All Time High.

  11. Coming to India :- Today Our Market will open flat in positive but expect some selling pressure in the higher levels.

  12. HDFC bank and KOTAK bank getting into action slowly but ICICI bank & Axis bank muted yesterday.

  13. Still we have to wait for those 4 banks to get in action at a time , if it is happened then we will see Bank Nifty above 31k today.

  14. Still Reliance is dragging Nifty , once it came into action then Nifty will easily break ATH

  15. The One who is looking for Open Interest Data :- As usual 13600 will be the strong resistance at higher levels and 13,700 will next resistances based on OI data.

  16. For Put Options 13,4000 was added almost 10lakh contracts only by yesterday , it is a indication that people are preparing push the stock from lower levels and 13,500 will be the major support for Nifty by this expiry.

  17. Bank Nifty had a strong resistance at 31k and if it breaks 31k then 31,500 will be the next resistance and 30,500 & 30,000 will be the major supports for this expiry.

  18. Premium are very high still one have one day for expiry so expect some premium erosion with one big candle moves on both side.

  19. Only 11 trading days left for this year so expect some high volatility on these 11 days and dont forget to play with stop loss.


All The Best , Trade With Discipline.

BONFIRETRADER

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