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51. Pre Market Analysis - Feb 08 , 2021

  1. Nifty shot up 10% and Bank Nifty shot up 20% on last week.

  2. SBIN and Kotak bank , HDFC Bank which support both Nifty and Bank Nifty on Friday.

  3. SBIN touched Upper circuit due to good positive results.

  4. Stock market is all about upgrading our self day by day , remember few days back Nifty rallied due to the contribution from more stocks rally but now few stocks are coming the good results and leading the index.

  5. On Friday declines are more than advances on Nifty but still Nifty closed in positive due to SBIN rally and some support from Kotak Bank and HDFC Bank also.

  6. Index started moving based on individual stocks contribution so these days you can expect trading opportunities on individual stocks rather than only focusing on index.

  7. Markets shot up a lot and everyone is waiting for correction but no one is observing that market is correcting intraday as you can see Friday markets open with gap-up and it correction to yesterdays price then shotup so this is also a correction on our markets.

  8. Financial sectors is the only sector which supports Nifty and remaining all sectors are underperforming mainly IT , Auto sectors , Reliance looks weak, so you can expect less moves on Nifty for next couple of days until other sectors come into action.

  9. So keep upgrading yourself according to the market otherwise you never know how you are loosing money from market even you are sitting with good set-up.

  10. Today focus on BPCL , Sun Tv , Sun pharma as they are declaring their results.

  11. FIIs bought 1461.71 crores and DIIs sold almost same of 1418.65 crores.

  12. Coming to global markets :- US markets closed in positive on Friday .

  13. Currently Dow Jones and Nasdaq futures are trading with positive bias due to stimulus bill passed 1.9 trillion in US.

  14. As that stimulus bill impact Asian markets to move higher.

  15. SGX Nifty up by 94 points as of now.

  16. Coming to India :- Today our markets may open in positive based on SGX Nifty and global markets clues.

  17. If our markets open with gap-up then expect some correction from the higher levels.

  18. Premiums are very high so expect some wild swing moves to adjust the premiums.

  19. The one who is looking for support and resistances based on OI data :- Nifty had a resistance at 15,000 and 15,100 and support at 14,900 and 14,800.

  20. Bank Nifty had a resistance at 36k and 36,500 and support at 35,500 and 35k.


All The Best , Trade With Discipline.

BONFIRETRADER

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