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38. Pre Market Analysis - Jan 19 , 2021

  1. Nifty continued the Friday fall and closed lower by 150 points on Monday.

  2. Bank Nifty fell 435 points on Monday.

  3. Top weightage stocks Reliance and HDFC Bank are the only stocks which gave support to Nifty and Bank Nifty.

  4. Reliance is going to announce their results on this Friday so the people who are on short side exiting their positions and that is the reason for appreciation and we may see some action on reliance of next coming days.

  5. HDFC Bank is doing very well after results and HDFC Bank crossed recent crucial resistance of 1450 and untill breaks 1450 HDFC bank will bullish only.

  6. BAJAJ twins are announcing their results by tomorrow and we may see some action on them.

  7. FIIs bought 650.6 crores and DIIs sold only 42.51 crores.

  8. FIIs reduced their investment and DIIs slow down their aggressiveness , it seems likely they started booking their profits.

  9. VIX is at 24.39 now and raising VIX is not good for market so Untill VIX come below 20 we can expect our market in consolidation or correction .

  10. Coming to Global markets clues :- Dow Jones Futures are higher as of now.

  11. European futures and Asian markets are higher.

  12. SGX Nifty is up by 90 points as of now.

  13. Coming to India :- Today we may see positive opening on our market based on SGX Nifty and global market clues.

  14. Market will never play according to our predictions , everyone is telling that correction might happen on Nifty & Bank Nifty but no one is observing that Nifty already corrected more than 400 points and Bank Nifty corrected 1000 points from ATH in just 3 trading sessions.

  15. Based on global markets, our markets seems to turn bullish today but any rally might happen if Nifty and Bank Nifty breaks yesterdays high and any fall can expect if it breaks yesterdays low.

  16. If our markets open with gap-up then expect some selling pressure at the higher levels so that selling pressure may cover the gap -up so expect both sides moves with expected volatility.

  17. Be cautious at European market opening time because yesterday our market reversed when European market opens so be careful in the afternoon.

  18. The One who is looking for support and resistances based on OI data :- Nifty had a strong resistance at 14,500 & nearest resistance at 14,400 and support at 14,000 and nearest support at 14,200 .

  19. Bank Nifty had a resistance at 32,500 and support at 31,500/


All The Best , Trade With discipline .

BONFIRETRADER

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