28. Pre Market Analysis - Jan 1 , 2021
Nifty gained 15% for the year 2020. and from March lows Nifty gained 90% till Dec 31.
Bank Nifty fell 3% for the year 2020 and Nifty finance gained only 3% for complete year 2020.
Nifty IT and Nifty Pharma are gained more than 55% for the year 2020.
Nifty Auto, Nifty FMCG and Nifty Media are gained 10% for the year 2020.
Coming to our markets, Nifty is struggling to break 14k & Buyers looks tired now, for sure they will take some deep breathe for next few days so expect some correction or consolidation.
Bank Nifty still need 13000 points to reach ATH and it will touch by this month itself for sure.
Today is the first day of this year & people are waiting new budget announcements & vaccine news so based on that they will decide the direction.
Coming to Global Markets :- US markets ended their year with Record highs and Now currently Dow Jones Fut closed with 180 points positive at 07:30 A.M only.
All Global Markets are holiday today which we followed.
Coming to India :- Today our markets will open flat due to less clues from Global Markets.
Expect sideways markets today.
All Global markets are holiday and first day of the year and next 2days holidays so expect some less volume today and better stay away today .
The One who is looking for Open Interest data :- Nifty had a strong resistance at 14k so expect some consolidation at 14k levels or correction and 14100 will be the next resistance for Nifty. and Support at 13,900 & 13,700.
Bank Nifty had a resistance at 31,300 & 31,500 and support at 31,200 and 31,000.
Bank Nifty will trade a narrow range of 31,500 to 31,500 and Nifty will trade in between the 14,100 to 13,800.
All The Best , Trade With Discipline.