7. Pre Market Analysis - Dec 2 , 2020
Yesterday Nifty gained 140 points and crossed the major resistance 13k , it looks like buyers are not leaving their hand
FIIs pumps 11,337.25cr in single day . very good start of first day of this month
Day by Day FIIs creating records and they are not willing to give up
Still We can expect bullish untill FIIs buyers give up their hand
New rules SEBI impacted the volume as we expected that , the one who observes yesterdays market in live, I think they already got the point on volumes , its an clear signal that stocks are trading with less volumes due to SEBI rules
The one who is trading with volumes , I think they are still confused for taking the trades
Market will change every time , we can't strict to one strategy and one pattern. we need to upgrade ourself according to the market otherwise the chances of loosing money is high
Coming to Global Market :- Yesterday US market closed higher but currently Dow Jones Fut trading in negative
Asian markets are negative
Sgx Nifty touched 132000 yesterday but today it opened with gap down and trading with 50 points negative
Coming to india - All sector stocks performed well yesterday but HDFC bank and KOTAKbank closed negative from Banking sector
after long time Reliance performed well yesterday
Nifty is at All Time High if it touches ATH today, for sure it will correct atleast one time or consolidate for sometime then it will break
But today our market might be open Gap-down based on Global Markets
Today is Wednesday , one day before the expiry ,usually market will be high volatile in the Wednesday's and premium erosion will be there so be cautious
Due to SEBI new rules volatility will be less but erosion will be happen very fast
Bank Nifty is having an Crucial Resistance at 30k and if it breaks definitely we can expect 200 to 300 points up but as we are expected today our market will open gap down
The One Who are looking for OI data - Nifty 13400ce and 13500ce added more contracts and 13100pe , 13200pe is added more contracts
For Bank Nifty 30000ce is the crucial resistance which is having high OI in this week expiry and 29500 is the crucial support which is added more contracts of this week expiry
All The Best , Trade With Discipline
BONFIRETRADER