18. Pre Market Analysis - Dec 17 , 2020
Nifty made new All Time High yesterday
Yesterday all Banking stocks under performed except HDFC bank
HDFC twins performed well
HDFC bank alone contributed 143 points to Bank Nifty but remaining all banking stocks under performed
Its very hard to break 31k for Bank Nifty until Banking stocks came into the action
Reliance is still under performed but nifty is making ATH everyday , if we see any action in Reliance then Nifty will reach 13800 easily
Nifty Auto , IT , NBFC stocks performed very well
NBFC stocks performing very well from few days
Coming to Global Markets :- US market closed lower yesterday and currently Dow Jones Fut trading in positive
All Asian Markets are slightly lower
SGX Nifty down by 40 points as of now
Coming to India :- Today our will slightly open flat in negative
Everyday Nifty was making New highs and correcting on the same day , closing near at higher levels
Always be cautious at Higher levels. The chances of consolidation or correction is more
we have only 10days to finish this year and today is the 3rd expiry day of this Dec series, so expect some odd moves with huge volatility
Bank Nifty will make both side moves today until it breaks 31k
The one who is looking for Open Interest Data :- Yesterday more OI added at 13750ce which will act as strong resistance by today and 13,700 & 13800 will be the next resistances
For Put options data - Only yesterday 24lakh contracts added at 13600pe which will act as crucial support by today and 13650 will be the next support
Bank Nifty had strong resistance at 31k and support at 30500
All The Best , Trade with discipline
BONFIRETRADER