40. Pre Market Analysis - Jan 21 , 2021
Another fresh record High for Nifty .
Bank Nifty trading at ATH.
Reliance , IT stocks , Auto stocks and Banking stocks performed very well except HDFC Bank & Kotak Bank.
Remember HDFC Bank & Kotak Bank contribution is more than 30% , if they give support to Bank Nifty then we may see Bank Nifty new ATH by today. even yesterday also HDFC Bank , Kotak Bank are the only stocks which drags Bank Nifty.
L&T , Bajaj Twins , Havells came with good results.
Today Bajaj Auto , Reliance , Bandhan Bank , Jindalstel , Biocon are announcing their results.
Focus on Reliance today as their deal gets SEBI approval.
FIIs back to action by pumping 2289.05 crores and DIIs sold 864.62 crores.
Coming to Global Markets :- US markets closed at record highs as Joe Biden was sworn in as the 46th U.S president , while Netflix helped a rally with incredible results.
Currently Dow Jones and Nasdaq futures are trading higher .
All Asian markets are trading higher .
SGX Nifty up by 45 points as of now.
Coming to India :- Today our markets might be open with gap -up based on SGX Nifty and global markets clues.
If Nifty open with new ATH then expect one round for seller at higher levels and based on morning round afternoon round will play.
Bank Nifty may consolidate at ATH before it breaks and once HDFC Bank & Kotak Bank supports to Bank Nifty then It will closed above ATH.
Expect some sudden swings at ATH so be cautious and trade according to your risk-reward ratio as today is an expiry day so markets will trade with high volatile .
The one who is looking for support and resistances based on OI data :- 14,700 & 14,750 will be the nearest resistance and 14,800 & 15,000 will be the crucial level and strong support at 14,500 . Nifty will trade in between the range of 14,800 to 14,500.
Bank Nifty had a resistance at ATH and crucial level is 33k and support at 32k. and today Bank Nifty will trade in between the range of 32,600 to 32,000.
All The Best , Trade With Discipline .