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92 . Pre Market Analysis - April 26 , 2021

  1. Friday Markets closed red as traders and investors continued to cautious amid covid-19 infections hitting record levels day by day and one of the sentiment added that Biden proposal to increase capital gain tax and crypto to also fall into higher taxes made our markets to under perform.

  2. Last Friday Nifty fell 64 points and Bank Nifty closed with a loss of 60 points and Sensex surged 202 points.

  3. IT , FMCG stocks are mainly dragging the market.

  4. Nifty looks weak compared to Bank Nifty.

  5. One more day for FIIs to be on selling side as FIIs sold 1360.76 crores and DIIs bought 1695.59 crores . DIIs inflow continuing from the past many days and that is the only reason we are not seeing any big fall in our market.

  6. We are already sitting with domestic negative news that is Covid infection and every one is thinking that market will going to hit worst in coming days but days are going still market is in consolidation ,predictors are disappointing for getting big fall and their prediction is completely wrong , you know why?

  7. Because we have only one negative news that is Cases are hitting records everyday but remember we have vaccine and Govt is trying to provide oxygen to every patient and still few people are dying due to facing other diseases like BP , Sugar, Breathing problem etc.. along with Covid and that's the reason why they are dying and apart from that we don't have complete lockdown right now and last few days some IT stocks and few banking stocks announced results and those results also came with good number and DIIs are supporting to our market by buying higher amount and even global markets are also performing good so how can we expect big fall by only rising Covid cases? that's why markets are falling with less moves and even correction also happening on every intraday.

  8. This complete week many Nifty 50 stocks are declaring their results so its very difficult to predict the Nifty and better trade on specific stocks rather than trading on index.

  9. Last Saturday ICICI Bank came with good number and Today Tech Mahindra , AU small Fin , HDFC life are important stocks which is announcing the results today.

  10. Coming to Global markets :- US markets closed at higher on Friday and UK markets closed at flat in negative .

  11. Currently Dow Jones , Nasdaq and UK futures are trading at higher.

  12. Most of the Asian markets are positive.

  13. SGX Nifty is up by 112 points as of now.

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

  15. We are in last week expiry of the month so we may see huge volatility in both index options and stock options so expect high premium erosion and Any High IV is avoidable for the day.

  16. Better to trade on Individual stocks of this week and next week also and better play with index with less trades .

  17. Today if markets open with huge -up then better to expect some correction and Nifty 14,500 level is crucial so be cautious while taking the trade on Nifty at that level.

  18. The one who is looking for support and resistances based on OI data :- 14,500 CE was seen more contracts which will act as resistance of this week and 14,200 PE will be the support .

  19. Bank Nifty any upside move possible if it holds above 32 ,000 and down side move possible if it breaks 31,000.


All The Best , Trade With Discipline.

BONFIRETRADER

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