56. Pre Market Analysis - Feb 15 , 2021
Last week Nifty traded in between the range of 15,000 to 15,250.
Bank Nifty traded in between the range of 35.600 to 36,600.
Last week markets was not for an option buyers and its an pure options writer market and we think the people who made money 2 weeks back , they would have lost that profits on last week due to writers market.
Markets started consolidating from last week after heavy rally from budget day.
Metal , FMCG , Pharma stocks under performing .
All the stocks from Nifty 50 done with their results.
CPI data and IIP data came with good percentage.
Last Friday FIIs and DIIs were on selling side as FIIs sold 37.33 crores and DIIs sold 597.62crores.
Next coming there is no negatives news and as well as there is no positive news also and we already rallied from budget day so everyone is waiting for correction.
Always remember correction is not mandatory for trending market . Whenever market rallied on short time then it can go consolidation also and that is also taking a deep breath and our markets already consolidating from last one week so expect breakout by this week.
Any move above 15,270 will be sign for another bullish rally and any move below 15k will be an bearish trend for Nifty.
Bank Nifty should break 36,600 for any upside move but we should track heavy weightage stocks resistances also , Kotak Bank - 2020 , HDFC Bank - 1625 , SBIN - 408 , Axis Bank - 766 and if these levels taken out then bank nifty may rally upside.
Coming to global markets :- US and UK markets closed higher on Friday .
Currently Dow Jones , Nasdaq and UK futures trading in positive .
All Asian markets are trading at higher.
SGX Nifty is up by 89 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 expect some consolidation at ATHs and any expectations on bullish must watch the levels which is mentioned on above points.
The one who is looking for support and resistances based on OI data :- 15,200 and 15,300 CE was added more OI which will act as nearest strong resistances and support at 15,000 PE.
Bank Nifty had a resistance at 36,600 and support at 35,500 and if any levels breaks will be an opportunity to enter.
All The Best , Trade With Discipline.
BONFIRETRADER