73. Pre Market Analysis - March 19 , 2021
Yesterday Nifty fell 163 points and Bank Nifty fell 370 points .
Markets opened with 1% gap -up in the morning and consolidated for 2 hours at higher levels and rise in US 10 years bond yields made sudden fall on Dow Jones and India VIX also raised suddenly and all these made panic on our markets.
Then Markets started falling down drastically and Nifty fell 385 points from intraday high and Bank Nifty fell 1100 points from intraday high and lost complete morning gains within short time.
Heavy weightage stocks like Reliance , INFY , Banking stocks , TCS dragged Nifty and Bank Nifty.
Bank Nifty broken all major supports and now there is only support that is 33,600 and once it taken out then Bank Nifty may cover gap of budget day candle so today will be very interesting day for us on our markets whether they are going to break the levels r pullback from lower levels and lets wait and see.
Same as well Nifty too , Nifty taking a support at 14,485 and formed tripple bottom with 1day time frame and watch Feb 2 , Feb 26 and March 18 days low and all was taken support at 14,485 and bounced back very drastically so observe the level of 14,485 and once it taken out we may see more than 1% fall on our markets.
As FIIs bought 1258.47 crores and DIIs sold 11116.17 crores and it was more interesting that both are coming with almost equal number.
Coming to global markets :- Last night US markets closed lower due to rise in bond yields but UK markets reacted less as they closed little bit positive.
Currently Dow Jones , Nasdaq and UK futures are trading at flat.
All Asian Markets are trading at lower.
SGX Nifty is down by 105 points as of now.
Coming to India :- Today our markets may open with gap-down based on SGX Nifty and global clues.
Seems markets continue the sell on rise markets due to weak global clues and this is pure sell on rise , any rise will be sell off on these kind of markets.
But Be cautious as volatility as it at peaks so play safe and utilize the every rise as selling opportunity.
The One who is looking for support and resistances based on OI data :- Nifty had a support at 14,480 t0 14,500 and once it breaks then the chances of testing 14k level is high and resistance will be 14,500 once it breaks.
Bank Nifty had a support at 33k and resistance at 34,500.
All The Best , Trade With Discipline.
BONFIRETRADER