66. Pre market Analysis - March 01 , 2021
Nifty fell 535 points and Bank Nifty 1750 points on Friday .
All sectors went to heavy selling pressure and mainly weightage stocks like HDFC twins , Reliance , Banking stocks fell 3 to 5%.
FIIs sold 8295.17 crores and DIIs bought 1499.70 crores and FIIs selling number is very high from last 2 months.
India Vix went 30 and closed 28 and it is an very risk sign.
Government declared the Q3 GDP of 0.4% and it is an good number.
We entered into March month and it is the last month of this Financial year and this month Feb Auto sales will declare and PMI data will come.
Coming to global markets :- US and UK markets closed lower on Friday and currently Dow Jones trading with 250 positive and UK futures are higher.
All Asian markets are higher.
SGX Nifty is up by 2550 points as of now.
Coming to India :- Today our markets may open with gap-up based on SGX Nifty and global markets clues.
We already know our Indian markets recover very fast and furious but all global markets are turned to positive and the chances of recovery is more rather than expecting fall.
If our markets open with huge gap-up then wait and observe whether it is sustaining at higher levels are not.
Morning session expect some gap recovery and afternoon markets will go to consolidation to adjust the premium prices as Premiums are too much high so expect premium erosion with huge volatility.
SEBI new rules about leverage are reducing from today and this is the second phase and slowly they will reduce the complete leverage on sep 2021 so expect some volume moves today .
The one who is looking for support and resistances based on OI data :- Nifty had a resistance at 14,900 and 15k and support at 14,500. and if nifty breaks 15k on upside then it is an clear bulls rally.
Bank Nifty had a resistance at 35k and 35,500 and support at 34,500 .
All The Best , Trade With Discipline.