93. Pre Market Analysis - April 27 , 2021
First Monday in this month to close our markets with a gain of 1% .
Nifty closed with 1% gain and Bank Nifty was up by 1.74% and Sensex rallied by over 500 points.
its an Good come back of this Monday and we may continue this positive moment slowly but expect small downfalls in the middle but every fall will be an opportunity now to buy.
Yesterday we already mentioned ,this week will be stocks specific week .
As we can see on Monday ICICI Bank shot up 5% due to the positive results which is more than 2.5 times of previous results and by the end of the day closed with a gain of 3.3%.
Reliance was up by 2% as Reliance IND & BP start up second new deep water gas field in India's KG_D6 block and in this project reliance contribution is 60% so it is an good news for investors.
Axis Bank was up by 4.5% ahead of their results today.
ICICI bank and Reliance , Axis bank are the major supports for yesterdays market and this complete week any one stock will support the markets and at the same time Corona cases also cooling down but yesterday Karnataka govt announces 14 day lockdown .
FIIs sold 1111.89 crores and DIIs bought 1022.57 crores and it became habit for them to be on selling side and once FIIs turn to buying side then expect more rally in our markers but it wont happen as of now due to the fear of Covid.
M&M Fin fell more than 8% due to negative outlook given by company.
Except Pharma sector remaining all sectors closed in positive but HDFC Bank and HCL tech are under performing.
.Today Axis Bank , Bajaj finance , HDFC AMC , Maruti , TVS motor are important stocks which is declaring their results.
Coming to Global markets:- Last night Dow Jones closed in red but Nasdaq and S&P 500 closed in positive and UK markets closed in positive.
Currently Dow Jones , Nasdaq futures are trading at Positive but UK futures are negative.
Most of the Asian markets are trading with negative bias.
SGX Nifty is down by 40 points as of now.
Coming to India :-Today our markets may open with flat in negative based on SGX Nifty and global markets clues.
Dollar Index , Crude oil and US 10y bond yield are slightly raising so expect to cool off otherwise we may see some fall in our markets today.
Our markets are clearly moving with stock base so its better to select specific stocks and trade .
Yesterday markets shot up along with VIX which is an indication that higher moves is limited and global markets also giving less clues so any options buyer stay cautious today because we may see wild moves at any time.
If markets open with gap-down then expect pull back at lower and any big fall happen in the first 15 minutes of opening time then markets may turn bullish rest of the day or else we may see complete consolidation till EOD .
The One who is looking for support and resistances levels based on chart analysis :- Nifty had a resistances at 14,560 and 14,600 and support at 14,400 levels.
bank Nifty had a support 32,000 and resistance at 32,600 .
All The Best , Trade with Discipline.
BONFIRETRADER