96. Pre Market Analysis - April 30 , 2021
Markets closed with huge volatile due to monthly expiry .
Nifty failed to hold above 15,000 , closed with a gain of just 30 points and Sensex climbed 32.10 points and Bank Nifty fell 9.30 points.
India VIX shot up 3.2% , it indicates that there is very less limited moves on upside.
Nifty shot up 14,180 to 15,000 with in 6 trading sessions and 15,000 level is very crucial , now the chances of consolidation or profit booking is more .
After many days DIIs came with selling number which is 942.35 crores , that is one of the main reason for severe fall, its an clear profit booking from DIIs and FIIs bought 809.37 crores.
Metal stocks are glittering like gold and biggest reason is Chain announced that they are going to stop the export and continue the import which is good for Metal stocks because the demand is increased now.
Yesterday US fed updated that they kept the rates at zeros and continued with the bond-buying plan which is an good news but the rising covid-19 cases and strong resistance levels hold our markets into consolidation.
Many people asking about market condition if Indian govt put lockdown from may 2nd and even if it is true our markets wont fall because always remember markets don't react to the same every time and we may see fall up to 14,200 on Nifty as Nifty is ranging in between 14,200 to 15,000 from past few months so expect same consolidation range if any bad news came but don't expect big fall like march 2020 .
Today Reliance is declaring the result after market hours which is one of the high weightage stock from Nifty 50 and IndusInd bank is also declaring their result today.
Coming to global markets :- US markets closed at higher due to FED announcement and UK markets closed in red.
Currently Dow Jones , Nasdaq and UK futures are trading at negative .
Most of the Asian markets are trading at lower.
SGX Nifty is down by 151 points as of now.
Coming to India :- Today our markets will open with gap down based on SGX Nifty and global markets clues.
Avoid if you see huge gap-down and any fall continue in the first 30 mins then some correction towards upside and small players try stay light in the afternoon session due to holiday of next 2 trading sessions.
We entered to first series of may and premiums are very high so expect some erosion in the second half.
The one who is looking for support and resistances :- Nifty 15,050 is an crucial level for upside and any pull back may happen at 14,690.
Bank Nifty 33,590 is an crucial level for downside and next support at 33,000 and resistance at 34,200 which is yesterdays high.
All The Best , Trade With Discipline.
BONFIRETRADER