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30. Pre Market Analysis - Jan 5 , 2021

  1. Nifty made fresh record high.

  2. Yesterday Nifty fell 157 points from intraday high within 20mins but it recovered very fast and closed with fresh record high.

  3. Bank Nifty fell 585 points from intraday high within 20mins but recovered only 380 points and closed at lower.

  4. Bank Nifty under performing due to lack of support from HDFC Bank and KOTAK Bank.

  5. Yesterday IT sector alone contributed 65 points in Nifty.

  6. Most of the IT stocks made All Time High due to announcing the results in coming days.

  7. 3 Steel stocks and Hindalco stocks made All Time High.

  8. DCGI approval to covid-19 vaccine lifted sentiment and made all pharma stocks to ATH.

  9. As usual FIIs bought decent money of 1843.22 crores and DIIs sold aggressively of 715.21 crores.

  10. Coming to Global Markets :- US market closed lower yesterday and currently Dow Jones Fut trading little bit positive.

  11. All Asian markets are mixed.

  12. SGX Nifty is down by 100 points.

  13. Coming to India :- Today our markets will slightly open on lower side based on global market clues.

  14. If Nifty breaks 14k to downside then expect some fall and If Bank Nifty breaks 31k with good volume then expect some fall.

  15. whenever market making moves on both sides then it really good to take the opportunities to make money on both sides but its very difficult for the people who holds the trade for longtime.

  16. So any fall in the morning session will definitely recover in the afternoon session so better play on both sides rather than playing on one side.

  17. The one who is looking for Open Interest data :- 14200 was seen at more contracts which will act as strong resistance by this week and 14300 will be the next resistance and 14000pe is the strong support is it breaks with good volume then it is an opportunity for short sell.

  18. Bank Nifty had a strong resistance at 31500 and support at 31000 and if it breaks 31,000 then expect atleast 100 to 200 points fall to downside.


All The Best , Trade With Discipline.

BONFIRETRADER

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