45. Pre Market Analysis - Jan 29 , 2021
We have completed the January series and entered into the new Feb series.
In Jan Nifty stated with a positive movement at 14k and went up to 14750 but at the end of the series it closed at 13,800.
Bank Nifty started at 31,300 and within few days it went up to 32850 and crossed touched ATH but failed to sustain at ATH and at the end of the series closed at 30,500.
Except Nifty Auto and Nifty It all sectors ended in red on Jan series.
Yesterday Nifty fell 149 points due to weightage stocks HDFC Bank , Reliance , Kotak Bank , Infy , TCS , HUL are under performing.
Bank Nifty closed in positive with a help of Axis Bank and SBIN.
Last 30mins Bank Nifty shot up 400 points and Axis Bank alone appreciated 2% in just 30mins and ended with 6% gain.
Maruti came with good results but it fell 3.4% yesterday and infact after declaring results maruti fell 2%.
Usually when markets are selling aggressively they will ignore the positive news and In the same way when markets are buying aggressively they will ignore the negative news. this is what happening now even stocks came with good results.
Today Cipla , Indusindbnk , JSW Energy , Sunpharma , Tata Motors , TechM , UPL , Just dial are declaring their results so keep a eye on them.
Yesterday FIIs sold very aggressive with 3712.51 crores and this is the highest number of their selling from last 4 months and DIIs bought 1736.92 crores . now FIIs started booking their profits and DIIs started short covering .
Coming to Global markets :- US markets and UK markets closed in positive yesterday.
Currently US and UK futures are trading at lower.
All Asian markets are trading little bit lower.
SGX Nifty is up by 100 points as of now.
Coming to India :- Today our markets may open with flat in positive based on SGX Nifty and global markets clues.
we already fell more than 10% so don't expect big fall by today or budget day(Monday) so expect some short covering or consolidation .
One before the budget and next two days holiday so expect high volatile markets today some wild moves on both sides.
If Nifty break down 13780 then expect some selling pressure and if Bank Nifty breaks 30k then we may see some sharp moves towards down side.
The who is looking for support and resistances based on OI data :- Highest OI builded at 14000 CE which will act as resistance and 13,800 PE & 13,500 PE will be highest OI which will act as strong support.
Bank Nifty had a resistance at 31k and 31,500 and support at 30k and 29,500.
All The Best , Trade with discipline .