50. Pre Market Analysis - Feb 5 , 2021
Nifty made another ATH and rallied 200 points from intraday low.
Bank Nifty shot up 1000 points from intraday low and closed with green by making new ATH.
Yesterday SBI shot up 6% as it came with good results and Kotak Bank shot up 3% which helps to Bank Nifty and Nifty rally.
FIIs continued their buying with 1936.74 crores yesterday and DIIs as usual on selling side by selling 768.55 crores in cash markets.
Today RBI policy announcement is there at 10 A.M so expect some action on Bank Nifty after 10A.M .
We are sitting at ATH , Bank Nifty and Nifty rallied 10% each in last 4 days and Today is an Friday which is an weekend day so expect some proft booking in the afternoon or else it will consolidate in last hours.
Today focus on Britannia , M&M , Cadilahc , PNB as they are declaring their results.
Coming to global markets :- Yesterday US and UK markets closed at higher.
Currently Dow Jones and Nasdaq futures trading at higher.
UK futures are higher and all Asian markets are higher .
SGX Nifty up by 83 points as of now.
Coming to India :- Today our markets may open with gap-up based on SGX Nifty and global markets clues.
If our markets open with gap-up then don't try to chase it wait for RBI policy announcement then confirm the direction after 10:15 A.M then go for the trade.
As SBI came with very good results so it may be continue the bullish rally but also be cautious at 10 A.M.
The one who is looking for support and resistances based on OI data :- For Nifty 14,500 CE was added more OI which will act as strong resistance by this week and 14,800 and 14,700 will be the nearest supports.
Bank Nifty had a resistance at 35,500 and 36,000 and support at 35000.
All The Best , Trade With Discipline.