52. Pre Market Analysis - Feb 09 2021
Nifty crossed the psychological level of 15k yesterday .
Bank Nifty opened with gap-up of 200 points and shot up 450 points in the first 5minutes but it failed to hold at higher levels as it fell 450 points from intraday high and closed with 329 points.
Financial ,Reliance, Auto , IT sector performed well.
yesterday ICICI Bank , Axis bank are the only stocks which gave support to Bank Nifty and Kotak Bank is under performing and HDFC bank , SBIN closed flat.
Keep a eye on some weightage stocks levels like for Reliance- 2000 , Kotak bank -2020 .If these 2 stocks crossed those levels then expect some rally on Nifty and Bank Nifty.
We may see some action on Sun Tv , NMDC , Torrent pharma as they came with good results.
Today Tata steel, Berge paints , Adani ports are declaring their results.
FIIs bought 1876.6 crores and DIIs sold 504.86 crores.
Brent Crude price is increasing and increasing crude price is an sign for bearish market.
India Vix is at 24.
Our Markets are showing a strong bullish and at the same time rising crude oil price and India Vix are showing some bearish so our markets may consolidate or correct at higher levels so be cautious at higher levels.
Coming to global markets :- US markets closed at record highs yesterday due to Covid stimulus package of 1.9 trillion .
Currently Dow Jones , Nasdaq and UK futures are trading at flat as of now.
All Asian markets are mixed.
SGX Nifty is up by 29 points as of now.
Coming to India :- Today our markets may open with flat based on SGX Nifty and global markets clues .
From past few days markets are opening with huge gap-up and after opening with gap-up markets went to consolidation and correction.
If today our markets open with gap-up then watch yesterdays high as resistance if it taken out then markets may rally further.
yesterday only we have discussed to focus on individual stocks so better trade on SBI , Reliance and other stocks which is giving really good opportunities to trade rather than only focusing on index.
The one who is looking for support and resistances based on OI data :- Nifty had a nearest resistance at 15,200 and 15,300 and support at 15,000 and 15,100.
Bank Nifty had a resistance at 36,500 and support at 36k and 35,500.
All The Best , Trade with discipline.
BONFIRETRADER