31. Pre Market Analysis - Jan 6 , 2021
One more fresh record high for Nifty.
Monday IT , Metal , Pharma stocks bring the market to higher side but Yesterday Financial stocks and IT stocks lifted the Nifty. They are changing their place.
Bank Nifty appreciated 510 points and Axis Bank shot up by 6a% and contributed 309 points.
Except Kotak Bank all weightage stocks in Bank Nifty performed very well.
If Kotak Bank supports Bank Nifty today then we may see Bank Nifty at ATH.
HDFC declared their deposit and loan growth so we may see some action in HDFC.
All IT stocks made fresh All Time High.
Lupin got observation from US FDA by issuing form 483.
Reliance is the only stock which is dragging Nifty.
As usual FIIs bought 986.3 crores and DIIs sold 490.03 crores.
FIIs keep on pumping from last 4month without giving chance to sellers but expect one profit day for them and that make more than 5% fall in single day but we don't think that will happen by now. They will book profit when they feel uncomfortable in the market or until they see any bad news about market.
Coming to Global markets :- US markets closed higher and currently Dow Jones Fut trading flat.
All Asian markets are mixed.
SGX Nifty trading flat in positive as of now.
Coming to India :- Today our market will open flat based on global market clues.
Currently everyone is waiting for Senate election results and as of now democratic party leading but still counting is going on so track Dow Jones fut chart continuously and any senate elections won by Democratic party then we can expect one more big rally from all global markets.
Premiums are at normal prices only so expect some odd moves to adjust the premium prices and then it will go in one direction.
The one who is looking for Open Interest data :-14,500ce was highest OI but 14,300 & 14,400 will be the nearest resistances and 14,000 will be crucial support and Any fall can expect below 14k and any rally can expect if it holds above 14,200.
Bank Nifty had a resistance at 32k and support at 31.5k.
Overall market is bullish but Dont try to hold your positions due to senate elections counting so play both side moves.
Finally focus on IT stocks , Banking stocks , Pharma stocks.
All The Best , Trade With Discipline.