3. Pre Market Analysis - Nov 25 2020
Updated: Nov 27, 2020
Nifty touches All time High for the first time in the history
Bank nifty rallied 700 points yesterday and it will break 30000 today
Yesterday Reliance dragged the Nifty in the morning and came back to action in the after session ,then nifty shot rallied 60 points and closed at 13055
All Banking stocks & Financial stocks , Auto Stocks ,ITC , Reliance stocks performed very well
Coming to Global Markets - Dow Jones crossed 30k yesterday and closed with 500 points up and currently Dow Jones Fut trading in positive
All Asian Markets are Positive
Sgx Nifty crossed 13,150 and trading in positive
Coming to India - First time in last 12 years , Nifty is up nearly 25% in 2 months and Bank nifty 50%. This is sharp rally
Based on Global Markets and Vaccine news today our market will open with Gap up
Don't chase the market if it is opened with huge gap up, wait for sometime to get clear direction or wait for the correction then go for the trade
Bank Nifty is having a resistance of 30,200 and 30,500
One who is looking for the open interest - For Nifty more call writing added at 13,300ce which will act as crucial resistance and 13,200 & 13,400 also carrying 20lakh OI
Bank nifty is having resistance at 30,000 & 30,500 with high OI
Today is Wednesday , so expect the high volatility and premium erosion in the second half . play according to that
Tomorrow is the ex last date for TCS buy back
All The Best , Trade With Discipline
BONFIRETRADER