78. Pre Market Analysis - March 26 , 2021
Nifty closed with 224 points negative and Bank Nifty closed with 286 points negative .
Yesterday Bank Nifty ended with very huge volatile , morning it fell 1000 points and bounced like roll coaster and shot up 1100 points within one hour and again fell 650 points from intraday high and it was one of the typical for options seller but an options buyer can easily make money from it by taking the opportunity on both side.
Even Nifty fell 300 points from Intraday day high and bounced back 230 points from lower level and again fell 220 points and closed with 224 points by the end of the day.
All sectors are trading weak except Tata steel but weightage stocks are the main stocks which is dragging Nifty .
FIIs raised the selling number for third straight day by pumping 3383.60 crores and DIIs bought 2267.69 crores and it was the major reason for our fall so until FIIs turns into positive markets may continue the bearish trend.
Nifty broke all major supports and one last support is protecting the Nifty that is budget day closing day high and even yesterday it got reversed from the same points so the chances of reversal is high and if it breaks then expect severe fall in our markets.
We almost finished the Financial year of 2020-2021 and done with March series by closing lower by the end of the month and upcoming April many sectors will announce their quarterly results so we may see some correction in our markets.
Focus on IT sector as they are announcing their results on April 2nd week .
Coming to global markets :- US and UK markets are closed higher and currently Dow Jones , Nasdaq and UK futures are trading at higher.
Asian markets turned to positive .
SGX Nifty is up by 107 points as of now.
Brent crude oil now came to 62.40 $ and yesterday it was 63.40$ and falling crude is good for our markets.
Coming to India :- Today our markets may open with gap-up based on SGX Nifty and global markets clues.
Consider the way our markets fell from last few days and now its time to correct in our markets as global markets also turns into bullish and crude is cooling off so expect some pull back from lower levels.
Today is Friday and there is no trading days for next 2days and premiums are trading at very high and this April month we are having 5 series with quarterly results also so expect one of the roll coaster month of this April but beginners better stay away from market today and observe todays market whether its correcting or not.
sometimes no trades is an best trades so better observe the markets rather than loosing last few days profits.
The one who is looking for support and resistances based on OI data :- Nifty will take resistance at 14,700 and support at 14,300.
Bank Nifty may take resistance at 34,500 and support at 32,500 .
If markets closed positive today then this is the best time to buy some stocks at lower levels.
All The Best , Trade With Discipline.
BONFIRETRADER