47. Pre Market Analysis - Feb 2 , 2021
Nifty rallied 4.8% , Sensex rallied 5% and Bank Nifty rallied 8% yesterday as the Union Budget 2021 boosted every investor and traders sentiment.
Marking this as the best performance by the stock market on a budget day since 1999.
Financial Minister proved the statement which she gave and there is very very less negatives in budget so that is the reason for yesterdays rally.
Bank Nifty ,Nifty Financial sector , Nifty PSU Bank , Reality gained more than 7% in single day and remaining all sectors performed like normal days and pharma stocks under performed.
ICICI Bank , SBIN , Indusind Bank touched upper circuit and ICICI Bank made fresh ATH .
HDFC Bank gained 6.4% due to Huge short covering .
FIIs turned to bullish by pumping 1494.23 crores and DIIs sold just 90.46 crores.
Focus on HDFC as it is declaring their results.
India Vix fell 8% yesterday and if it come 20 below today then that's an clear indication for bullish market.
Coming to global markets :- US markets and UK markets closed higher yesterday.
Currently Dow Jones , Nasdaq and UK futures trading at higher.
All Asian markets are trading at positive.
SGX Nifty up by 100 points as of now.
Coming to India :- Today our market may open with gap -up based on SGX Nifty and global markets clues.
Our markets may continue bullish trend for next coming days .
Bank Nifty breaks ATH so expect some rally on Bank Nifty .
The who is looking for support and resistances based on OI data :- Nifty had a resistance at 14,500 and support at 14k . If anyone of these levels breaks then expect some sharp moves.
Bank Nifty continue the positive trend but be cautious at higher levels as we are at ATH.
If today our markets open with huge gap-up then don't chase it , wait for sometime then confirm the trend and go for the trade.
All The Best , Trade With Discipline.