4. Pre Market Analysis - Nov 26 2020
Updated: Nov 27, 2020
Yesterday Nifty after touching All time high it fell 300 points
Bank Nifty fell 1000 points from Intraday High
After a continues rally from many days, Now people started booking their profits so that is the reason for yesterdays fall in nifty and bank nifty
Yesterday FII sellers and DII sellers played very aggressive and this is an indication for profit booking
Coming to Global Markets - Yesterday US market closed negative , today US market is holiday so our market move according to domestic news
Sgx Nifty trading on flat towards negative side as of now
Here in India - Today our Nifty will open with flat and if it breaks yesterdays days low then you can expect some down fall and there is an strong dynamic support at 12800 and 12750 ,the chances of reversing is high and if it breaks then it will fall further
Bank nifty is having a strong dynamic support at 29000 and 28700 and it will bounce atleast one time before going to break the 29000
Due to yesterdays huge fall , as we know that today is an expiry day so expect some up and down moves with huge volatility
One who is looking for OI data - for Call Options Data 13,000ce is having huge OI and today nifty will close below 13000 and according to put options data 12800 is having high OI , so NIFTY will trade in between the range of 12800 to 13000 today
Call Option data for Bank Nifty - 30000ce is carrying highest OI and 29000pe is carrying highest OI so there is an chances for Bank Nifty to trade in between 29000 to 30000
Wipro announced the buy back shares and last date is 11th dec 2020
All the best , Trade with Discipline
BONFIRETRADER