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49. Pre Market Analysis - Feb 04 , 2021

  1. Union Budget 2021 sentiment boosted on our market for the third consecutive day.

  2. Nifty made fresh ATH by closing with 140 points gain and Bank Nifty made another ATH with a gain of 490 points at the end of the day.

  3. Axis bank and border stocks Indusindbk , RBL Bank out performed yesterday and weightage stocks HDFC Bank , Kotak Bank and ICICI Bank closed in flat with positive.

  4. Reliance is struggling to break 2000 and once it breaks 2k level then expect some action on it and that action will helps to Nifty to rally further.

  5. Focus on Bhartiartl as it came with good results and most importantly its breaking multi year highs.

  6. Today focus on SBIN and Heromotoco as they are declaring their results.

  7. Tomorrow RBI policy is there so focus on Bank Nifty for today and tomorrow.

  8. FIIs bought 2520.92 crores and as usual DIIs did the opposite side as they sold 399.74 cores.

  9. Today is an expiry day but still premium are very high so no doubt today our markets will drive options writers in the morning hours and once the premiums reduced then afternoon will get an opportunity for options buyer.

  10. So every options buyer better to stay away and observe the market to get right opportunity rather than trading at every candle as you will see big spikes today for adjusting the premiums so better trade with less quantities or stay away.

  11. Coming to global markets :- US markets and UK markets are closed in flat yesterday.

  12. currently Dow Jones and Nasdaq and UK futures are trading with flat in positive.

  13. All Asian markets are trading with negative bias.

  14. SGX Nifty is trading in flat with positive bias.

  15. Coming to India :- Today our markets may open with flat based on SGX Nifty and global market clues.

  16. Remember yesterday when our markets open with gap up Nifty fell 200 points in first 5mins and Bank Nifty fell 550 points in first 5mins and that was an severe selling pressure at higher levels and they failed to hold that selling pressure at higher levels as yesterday our markets closed in positive.

  17. We already rallied alot from past 3days and today is an expiry day and premiums are very high and we are at ATH so expect some consolidation or correction today.

  18. The one who is looking for support and resistances based on OI data :- Nifty had a strong resistance at 14900 and 15000 so expect reversal some those levels and support at 14700 and 14600.

  19. Bank Nifty had a resistance at 35k and 34500 , any of these levels brekas then xpect some sharp moves.


All The Best , Trade With Discipline.

BONFIRETRADER

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