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33. Pre Market Analysis - Jan 08 , 2021

  1. Yesterday Nifty opened at ATH and fell 125 points from ATH and closed on lower side.

  2. High weightage stocks like Reliance , HDFC Bank , Kotak Bank , Infy , TCS , ICICI Bank , ITC are dragging Nifty 50.

  3. All border stocks are performing well except high weightage stocks as we already mentioned above points of those stocks .

  4. Bank Nifty crossed 32k yesterday but closed little bit below 32k.

  5. HDFC Bank , Kotak Bank , ICICI Bank dragged Bank Nifty yesterday.

  6. If all banking stocks came into action then soon Bank Nifty will touch ATH.

  7. All IT stocks started booking their profits due to announcing their results.

  8. Today TCS is declaring their results.

  9. FIIs bought 383.3cr and as usual DIIs sold 989.8cr .

  10. FIIs have turned net buyers after selling just for a day but still they are investing below 500cr.

  11. Coming to Global Markets :- Joe Biden's confirmation as US President uplifts sentiment on wall street.

  12. US markets closed at record highs and currently Dow Jones Fut up by 100 points.

  13. All Asian markets are mixed.

  14. SGX Nifty trading at 12,289 with up by 79 points as of now.

  15. Coming to India :- Today our market indicates positive opening based on global market clues.

  16. If our markets open with gap -up then expect some profit booking at higher levels so that profit booking may bring our markets lower in the morning session and based on morning session market will play afternoon session .

  17. expect some consolidation or correction today and considering today as Friday expect less volume moves with expected volatility.

  18. The who is looking for Open Interest data :- 14,200 & 14,300 will be the nearest resistances and 14,100 & 14,000 will be the nearest supports .

  19. Bank Nifty had a resistance at 32k & ATH will act as crucial resistance and once it breaks then expect some rally on upside and 31,500 & 31,000 will be the supports


All The Best , Trade With Discipline.

BONFIRETRADER

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