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91. Pre Market Analysis - April 23 , 2021

  1. A strong pull back from lower level made markets to close in positive side by the end of the day.

  2. Nifty rallied 109.80 points and Sensex gained 374.87 points and Bank Nifty surged 669.90 points.

  3. Financial stocks and Metal stocks and Wipro out performed yesterday.

  4. Third consecutive day for FIIs to be on selling side as FIIs sold 909.56 crores and DIIs bought 849.98 crores.

  5. DIIs inflows is continuing from past many days .

  6. From March 23 to till today(April 23) Nifty started making consolidation within a range of 14,900 to 14,200 . Hence , any either side breakout of the mentioned range may be a signal for further direction.

  7. Markets will trade in range only of next coming days until we come with permanent solution of this Covid cases so this is not a bad news for anyone , as an Intraday trader and options scalper its better to play on both sides and as an Swing trader enter at every rejection and take next range as your target and Long term investor better buy at every lower level and wait until market correct and this is the way how trader and investors will make money.

  8. Today HCL Tech is declaring their results and ICICI Bank will declare tomorrow.

  9. Coming to global markets :- Yesterday US markets closed at lower and UK markets closed at higher.

  10. Currently Dow Jones , Nasdaq and UK futures are trading with positive bias.

  11. Most of the Asian markets are trading at higher.

  12. SGX Nifty is down by 47 points as of now.

  13. Coming to India :- Today we may see flat opening in our markets based on SGX Nifty and global markets clues.

  14. Consider the way FIIs are selling from the past 3 days , as you can observe yesterday FIIs bought 9,600 crores and sold 10,529 crores and the net value is 900 crores negative , still their investing number is high but majority of the investor were on selling side.

  15. That is the biggest reason(FIIs selling activity) for our markets to underperform or to be in range .

  16. Please try to avoid the opening trades on these kind of markets and wait for proper direction and take the trades .

  17. Due to higher premiums on both sides , expect some wild moves in the afternoon session with huge volatility to adjust the premium prices and remember next 2 days will be holiday so finish your trades in the morning and stay away in the afternoon.

  18. The One who is looking for support and resistances based on OI data :- Nifty had a nearest resistance at 14,500 and support at 14,300.

  19. Bank Nifty had a crucial level for upside at 32,000 and support at 30,500.

All The Best , Trade With Discipline.


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