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71. Pre Market Analysis - March 17 , 2021

  1. Markets closed in the red for the 3rd straight day .

  2. Yesterday morning session markets went to consolidation and second half gave breakout towards downside and continued the fall.

  3. FIIs bought 1692.31 crores and DIIs sold 1168.59 crores.

  4. Banking stocks under performing.

  5. Yesterday was one of the typical day for beginners of options buyers due to high volatility .

  6. India VIX fell 4.9% in single day and now it is at 20.19 and below 20 is an sig for bulls rally and our markets may pull back from lower levels soon.

  7. Yesterday IT stocks ,Asian paints , ITC are the only stocks which gave support to Nifty.

  8. Nifty and Bank Nifty played with very huge volatile due to high IVs on both sides and always remember whenever IVs are high on Both sides and it indicates the side ways markets with high volatility.

  9. Coming to global markets :- Last night US closed in red and UK markets are closed in flat with positive bias.

  10. Currently Dow Jones, Nasdaq and UK futures are trading lower as of now.

  11. All Asian markets are mixed.

  12. SGX Nifty is up by 40 points as of now.

  13. Coming to India :- Today our markets may open with flat based on SGX Nifty and global clues.

  14. Get ready for one more roll coaster day on both side moves and expect one round of sell off in the morning session and if the fall is huge then markets may go to consolidation in the second half .

  15. Moreover Today is Wednesday as erosion will be high so dont try to stay in the trade for longtime and its better to scalp some points and exit your trades .

  16. The one who is looking for support and resistances based on OI data :- Nifty 15000 level is an strong resistance of this week expiry and if Nifty breaks above 15k and closed on it then tomorrow markets might turn bullish and consider support as 14,800 and yesterdays low.

  17. Bank Nifty is under performing so expect the sell off until Banking stocks turns into bullish and Consider yesterdays low as support and 34,500 will be crucial level for downside and resistance at 35k.


All The Best , Trade With Discipline.

BONFIRETRADER

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