41. Pre Market Analysis - Jan 22 , 2021
Nifty made another ATH high yesterday but last hour it fell more than 200 points after hitting ATH due to huge profit booking.
Bank Nifty failed to hold at ATH as it fell 800 points in last one hour from ATH.
People got panic after they knew fire at Sirum institute on yesterday afternoon.
As usual FIIs bought 1614 crores and DIIs sold 1039 crores.
Reliance & IT stocks holds on the positive side even most of the stocks was falling.
Tata Motors shot up 50% in just 9 trading sessions and it was an record for Tata Motors.
All Banking performed very well but last one hour every banking stock fell very badly.
HDFC Bank and Kotak bank are under performing as we already know those two stocks alone contributes 40% on Bank Nifty until they get in action its very difficult for Bank Nifty to break ATHs.
We expected this fall by next week as we are heading to budge announcement date but we have seen first fall on yesterday but expect one more sharp rally by next week due to Budget announcement.
Reliance and Jswsteel will be in focus as they are announcing their results.
Coming to Global Markets :- US markets closed flat in negative bias but Currently Dow Jones Fut hit record high but last one hour it fell alot and now trading at lower.
All Asian markets are trading in flat with negative bias.
SGX Nifty down by 58 points as of now.
Coming to India :- Today our markets may open flat in neagtive based on SGX Nifty and global market clues.
After a big fall happened on yesterday of last hour , now everyone is in dilemma whether market will continue the same fall by today or it will recover.
Market will trade in narrow range in between yesterdays high and low.
Once it breaks to anyone side we can expect some sharp moves.
considering today is Friday and we don't have market for next 3 days so Better stay light until you get a clear direction in the market .
The One who is looking for support and resistances based on OI data :- 14,800 and 15,000 will be the strong resistances and 14,500 , 14,400 ,14000 will be the supports for Nifty .
Bank Nifty had a resistance at 32,500 & 33,000 and support at 32,000 and 31,500.
All The Best , Trade With Discipline .
BONFIRETRADER