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35. Pre Market Analysis - Jan 12 , 2021

Updated: Jan 15, 2021

  1. Nifty made another ATH yesterday.

  2. Bank Nifty under performing and as usual Reliance was under performing.

  3. Without support from Bank Nifty and reliance still Nifty was making ATHs.

  4. We already said this month IT stocks will lead the market.

  5. Yesterday IT sector contributed 88 points in Nifty 50.

  6. Tata Motors shot up 12.44% due to the rumour that tata is collaborating with Tesla.

  7. Tata Motors has denied that rumour news.

  8. So we may see big profit booking on Tata Motors today.

  9. RBI reports says NPA may increase in banks.

  10. Saturday HDFC Bank is going to announce their results so definitely Bank Nifty will take some actions by next week.

  11. New index FIN NIFTY premium has less movement so observe it for next few days and try to understand the moves of new index.

  12. Coming to Global markets :- Twitter permanently suspended trump account and Facebook , Apple , Amazon also took action on Trump.

  13. US markets closed lower yesterday and currently Dow Jones Fut trading flat in positive.

  14. All Asian markets are negative due to increase the corona virus cases in world wide.

  15. SGX Nifty is down by 14 points as of now.

  16. Coming to India :- Today our markets will open with flat based on global markets.

  17. Nifty looks unstoppable with a support of Auto stocks and IT stocks but be cautious at higher levels , any profit booking can fall more than 150 points on Nifty.

  18. If our markets open with flat then expect some downfall in the morning and any fall in the morning may recover in the afternoon .

  19. so its good to play on both side moves with huge volatile.

  20. The One who is looking for Open Interest data :- 14500 will be the strong resistance and if it breaks then expect upto 14600 but before going to break 14500 expect one swing high and 14,400 & 14,300 will be the next supports.

  21. Bank Nifty any move above or below 32k will decide the direction today/.


All The Best , Trade with Discipline.

BONFIRETRADER

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