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24. Pre Market Analysis - Dec 28 , 2020

  1. Nifty and Bank Nifty performed very well on last Thursday.

  2. Markets took 3days to recover the Mondays fall and we already knew our Indian markets will always recover very fast.

  3. Last session KOTAK Bank hits ATH and Reliance out performance, it is near to 2000 level , if it breaks 2000 with good volume then we cam except some action from Nifty.

  4. Pharma Stocks , Banking stocks & Reliance performed well on last trading session.

  5. Auto companies will release their Dec sales volume data on Jan 1st 2021 , so we may see some action on Auto stocks of this week.

  6. Now we are in 5th Series of this Dec and last week of this year but already one trading gone due to Christmas and we have only 4 trading days of this year.

  7. Don't expect any rally on our markets of this 4 trading days due to less action from FIIs buyers.

  8. FIIs completely reduced their investments due to year end factor But DIIs selling aggressively so expect some range bound or Up & Down moves on our market.

  9. Coming to Global Markets :- Trump signs Covid Stimulus bill.

  10. Due to that news Dow Jones Fut trading in positive now.

  11. All Asian Markets are positive.

  12. SGX Nifty hits All Time High.

  13. Coming to India :- Today Nifty will touch ATH because SGX Nifty touches ATH.

  14. If our markets open with huge gap-up then don't try to chase it, wait for sometime to get a direction then go for the trade.

  15. But expect some selling pressure at the higher levels.

  16. If Bank Nifty holds above 30500 then it may reach upto 31k.

  17. The One who is looking for Open Interest data :- 14,000 ce added more contracts which will act as strong resistance and 13,800 & 13,900 will be the nearest resistances.

  18. For Put option data :- 13,500 pe was seen at more contracts which will act as strong support of this week and 13,700 & 13,600 will be the nearest supports.

  19. Bank Nifty had a resistance at 30,500 and if it breaks 30,500 then 31k will be the next resistances. and 30,400 & 30k will be the supports.


All The Best , Trade With Discipline.

BONFIRETRADER

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