86. Pre Market Analysis - April 09 , 2021
After 20 days Nifty almost touched 15k and reversed due to severe selling pressure of last one hour in the market and closed at 14,850 level and Bank Nifty closed ended with a loss of 208 points by the EOD.
Yesterday Financial stocks are the only stocks which dragged entire markets along with Reliance are consolidating.
Metal stocks broke ATH and making new ATHs everyday by making 5% a day .
FIIs and DIIs were both on buying side as FIIs bought 110.85 crores and DIIs bought 552.78 crores.
yesterday one of the news report came about mutual funds that they are seeing inflows for the first time in the last 9 months and which is good for our markets .
IT stocks is going to declare the results in next week and INFYOSIS and TCS data looks very good and everyone is looking for good number but remember it is sitting at ATH and last time IT stocks also came to same situation and they made new ATHs before results and came up with disappointed result and fell more than 15% in few days and now it is happening the same if results disappointed then IT stocks will fall.
Yesterday Modi Ji took live conference with all CMs and said there is no complete lockdown in India but lockdown will held in night curfews and some restrictions in selective states .
Expect Pharma stocks rally again of coming days and this is the best time to expect make short term returns on pharma stocks.
Next week HDFC Bank is declaring their results but it is under performing so lets wait and see what is going to happen on that stocks .
Coming to global markets :- Dow Jones and Nasdaq closed at higher and S& P made new ATH of second straight day and UK markets closed higher.
Currently Dow Jones is trading in negative but S&P , Nasdaq futures are in little bit positive and UK markets are mixed.
All Asian markets are mixed.
SGX Nifty touched 15k today but it is trading at 14,894 as of now.
Coming to India :- Today our markets may open with gap-down based on SGX Nifty and global markets clues.
Weak global clues may drag our markets today and any big fall will rise in the morning session may go to consolidation in the afternoon and expect one round for buyer at lower level.
Bank Nifty had a strong support at 32,500 and once it breaks then fall will be severe.
The one who is looking for support and resistances based on OI data :- Nifty had a resistance at 14,900 and 15,000 and support at 14,700.
Bank Nifty 33k level is crucial towards upside and down side 32,500 is crucial and breaking any of these levels will decide the direction today.
All The Best , Trade With Discipline.