9. Pre Market Analysis - Dec 4, 2020
Yesterday Nifty opened with a gap-up and made a new All Time High but it covered the gap at the end of the day
Yesterday all auto stocks performed very well
Maruti shout up 7%
Yesterday HDFC Bank fell as RBI restrained HDFC Bank from issuing further Credit cards and launching digital programs
That is the reason for HDFC bank fall yesterday and only HDFC bank contributed more than 150 points in bank nifty for yesterdays fall
Coming Global Market :- Dow jones closed below 30k and NASDAQ made All Time High , currently Dow Jones Fut trading in positive
Sgx Nifty is positive
Coming to India :- If Nifty breaks ATH today then next coming days it will rally 200 points easily
Bank Nifty is consolidating in between 29k to 30k from many days , we can expect the same consolidation untill it breaks any oneside
If Bank Nifty breaks any one side then you can expect a huge rally or fall
Today RBI Monitory policy committee meeting is there at 10 A.M
So you can expect the consolidation in the first 1hr of the market so better trade after the policy meeting
Today morning session Nifty and Bank Nifty will be consolidate and will give a clear direction in the after session
The One Who is looking for Open Interest data :- 13200ce and 13300ce was seen more contracts by this week expiry and 13200 is the crucial resistance for nifty
for put options 13100pe was seen at more contracts and 13000pe is the next high contracts and mark it as supports for Nifty
Bank Nifty 29500ce was seen at more contracts but 29500 and 30000 is the crucial resistance for Bank Nifty and if Bank Nifty breaks 30k then it will rally more than 300 to 400 points
For Put options data 29000pe was seen at more contracts and 29k is an crucial support for Bank Nifty and if it breaks 29k for sure it will fall more 400 points
All The Best , Trade With Discipline
BONFIRETRADER