61. Pre Market Analysis - Feb 22 , 2021
Last Friday Nifty and Sensex closed lower for the 4th straight day.
Bank Nifty lower by 745 points on Friday.
Feb 1st week it was completely bulls market and many investors made money.
Feb 2nd week everyone waited for correction ,but markets went consolidation of that complete week but we have seen some intraday corrections(up and down moves) and many intraday traders made money who captured both side moves.
Feb 3rd week , markets started booking their profits even global markets turned weak and it turns to bears market and the people who bought Feb 2nd and waiting for bulls rally like Feb 1st week and the people who are expecting both sides moves on intraday like Feb 2nd week, all those people both investors and intraday traders lost money on Feb 3rd week because in 3rd week it was pure profit booking and many options buyers and intraday short sellers made money.
Conclusion for above 3points :- Markets will never play according to our predictions , you should be ready to make money on any market like a good cricketer can play with any kind of bat .
If you are not upgrading yourself in stock market then its very difficult to survive on long term.
Now we are in last week of Feb.
This weekend Q3 GDP will declare so expect some volatality.
Nifty is taking support at 15k and once it breaks then expect some further fall .
Coming to global markets :-Friday US and UK markets closed lower .
Currently Dow jones , Nasdaq and UK futures are trading with positive bias.
All Asian markets are positive.
SGX Nifty is up by just 8 points as of now.
Coming to India :- our markets may open in flat based on SGX Nifty and global markets clues.
All sectors are looking weak along with global clues also so expect some consolidation or correction in our markets.
The one who is looking for support and resistances based on OI data :- Nifty may fall if it break 15k today and next support will be 14,800. and for upside 15,100 and 15,200 will be the resistances.
Bank Nifty had a support at 35,600 and if it breaks then the chances of fall will be more.
Get ready for one more interesting week with some wildmoves and small players be cautious on buying side as market is sell on rise market .
All The Best , Trade With Discipline.