65. Pre Market Analysis - Feb 26 ,2021
Yesterday Nifty closed with a gain of 115 points.
Bank Nifty closed with just 96 points gain and it was almost flat closing day.
Reliance , Metal stocks , IT stocks gave support to Nifty .
Weightage stocks HDFC Twins , Kotak Bank , ICICI Bank are under performing , untill these stocks come into action we cant expect a strong bull rally on Bank Nifty .
Yesterday after opening with gap-up markets consolidated by whole day .
Consider yesterdays high and low as strong resistance and support , any of those levels breaks will be rally or fall by today.
FIIs bought with very less number i.e., 188.08 crores and DIIs sold 746.57 crores.
Today Q3 GDP will declare so we may see some wild swing moves in our markets .
Just now we got a news that US carries out airstrike against Iranian - backed militia facilities in Syria.
Today will be the blood bath for entire markets.
Coming to global markets :- Yesterday US fell very bad .
Big tech stocks like Apple , Facebook , Tesla fell 3-8% in overnight.
Currently Dow Jones , Nasdaq and UK futures are trading in Negative.
All Asian markets are negative.
SGX Nifty is down by 281 points and it is very huge gap down in the opening time.
Coming to India :- Today our markets may open with huge -down due to weak global clues.
The one who is carrying the over night positions without stoploss , they might account may wipe today.
This is the reason for many people out in stock market , we have a proper trade set and technical analysis but overnight we got one negative news and entire our account vanished due to single news .
So overnight positions with stock options and index options are very risky and max try to avoid trade with naked quantities.
Today keep a tab for Dow Jones and keep on checking the Dow and any fall on the Dow may affect to our markets badly and markets will play with very huge volatile so better trade when you get perfect entries and any rise will be sell of today so dont be on buying side on this kind of days.
The One who is looking for support and resistances based on OI data :- If Nifty breaks 14,900 towards downside then expect some fall and resistance at 15,200.
Bank Nifty had a resistance at 37k and support at 36k.
Finally We are standing with many weak global clues along with Q3 GDP result so better trade with less capital as it is safe for everyone and protect your capital for upcoming markets .
All The Best , Trade With Discipline.
BONFIRETRADER