60. Pre Market Analysis - Feb 19 , 2021
Yesterday Nifty and Bank Nifty closed lower for the third straight day .
FIIs bought less than DIIs sold for the third straight day.
Bank Nifty corrected with 3 days bearishness of Feb 15 bullish candle (1day time frame)
It seems like minor profit booking on our markets and even global markets are getting weak .
Yesterday Financial stocks , Auto stocks, L&T , TCs and Reliance dragged Nifty.
Keep a eye on some weightage stocks like Reliance , HDFC Twins , Kotak Bank , ICICI Bank etc.. If these stocks breaks yesterdays low then expect some fall on Nifty and Bank Nifty.
Today is Friday so we may see less moves due to there is no trading sessions for next 2days.
Coming to global markets :- yesterday US and UK markets closed lower.
Currently Dow Jones , Nasdaq and UK futures are trading with negative bias.
All Asian markets are trading lower.
SGX Nifty is down by 48 points as of now.
Coming to India :- Today our markets may open with gap - down based on SGX Nifty and global markets clues.
Our markets may continue the profit booking and consider yesterday low as support for Nifty and Bank Nifty , once it breaks then expect some fall
If markets open with less gap-down then expect some fall of first few minutes then the chances of bounces from lower levels is high so dont chase if markets fall in short time then expect some consolidation and after noon session will make wild moves if fall is severe in the morning.
Expect some consolidation and breakout moves today for intraday trading it is very good opportunity to scalp few points so get ready for one more good day .
The one who is looking for support and resistances based on OI data :- Any upside move can expect Nifty above 15,200 and next level is 15,300 and any fall can expect below 15,000.
If Bank Nifty breaks yesterdays low then expect some sharp bearish candles and next support will be at 35,600 and resistance at 37,000 and 37,300 .
All The Best , Trade With Discipline.
BONFIRETRADER