95. Pre Market Analysis - April 29 , 2021
Markets rallied more than 1% for the third consecutive day in a row.
Nifty rallied 500 points and Bank Nifty rallied 2000 points in just 3 trading sessions.
Financial and Auto sector out performed.
Till now HDFC Bank , ICICI Bank and Axis Bank are the only stocks which are declared results from Banking sector and all those came with good number and it boosted other banks to fly high .
After 5 trading sessions FIIs turned to bullish yesterday , as FIIs bought 766 crores and DIIs bought 436 crores and we already mentioned this in previous analysis about FIIs and now FIIs turned to bullish so we may see continuation rally in our markets.
Indian bulls always correct fast and furious and Nifty crossed the major level of 14,800 and Bank Nifty broke 33,500 level and we may touch ATH in coming days because global markets are already trading at ATH and we are in last of this race so we geared up now with strong pull back and within few days we may touch ATH.
Bajaj finserv and Biocon came with good results .
Today Bajaj Auto , Titan , HUL , Bajaj Holdings , L&T ,are the important stocks which is declaring their results.
Coming to global markets :- Last night US markets closed little bit negative and UK markets closed positive.
Currently Dow Jones , Nasdaq and UK futures are trading with positive bias.
All Asian markets are trading at higher.
SGX Nifty is up by 135 points as of now.
Coming to India :- Today our markets will open with gap-up based on SGX Nifty and global markets clues.
Any big gap -up is not good to chase because we already rallying from the past 3 days so if it open with huge gap-up then wait for one right opportunity and enter.
Consider today is an last expiry of this April series so in the afternoon session we may see expiry day moves with huge volatility and along with we have important stocks results on Saturday and Friday like reliance etc...so expect todays expiry is one of the high volatile day.
The one who is looking for support and resistances based on OI data :- if Nifty opened near 15,000 today then expect some little bit correction and if it breaks with good volume today then for sure we will reach ATH in coming days and any fall will be a pause at 14,800.
Bank Nifty had a resistance at 35,000 and support at 33,000.
All The Best , Trade With Discipline.
BONFIRETRADER