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Pre - Market Analysis (8th July 2020)

  1. Dow Jones was down 400 points Yesterday but now Dow Futures are Trading in Green.
  2. Asian Markets are Mixed with a Slight Positive Bias.
  3. SGX Nifty is Trading near 10780.
  4. Yesterday the Brazil President Tested Positive for Corona Virus.
  5. Yesterdays Action major take away was Bank Nifty.
  6. Bank Nifty broke out of its stiff Resistance of 22500.
  7. Private banks Witnessed good buying.
  8. Expecting Bank Nifty to go higher today and which in turn will take care of Nifty as well.
  9. As Expected Yesterday , Markets Traded within a 100 Point Range of Nifty.
  10. Also the dip on Nifty was bought into very Sharply.
  11. 10650 is a major support on Nifty for this Expiry.
  12. Not Expecting Markets to go below that.
  13. 10900 is the 200 DMA for Nifty and it might act as a Resistance for a bit.
  14. Once 10900 is taken 11000 will be Witnessed immediately.
  15. The Trade remains to buy on dip closer to 10700.
  16. And go with the Trend which is on the upside.
  17. Trading against the Trend will take you to cleaners.
  18. Massive short positions are taken near 10700,10600 on Nifty and once these fail we can witness massive short covering.
  19. Sold Bank Nifty 22000 PE, 10 lots. 21500 PE 20 lots and 21000 PE 40 lots.
  20. Not Expecting Bank Nifty to go below 22000 for this Expiry.
  21. Sold 10550 ,10500 PE Yesterday and sold 11050 CE Yesterday.
  22. All these are of Weekly Expiry and have been taken with Hedge which Reduces margin Drastically.
  23. ITC has been lagging from couple of days also Reliance was lagging Yesterday.
  24. Once these Heavyweights we can witness a big rally on Nifty.
  25. Nifty might Trade between 10680 to 10900 today.
  26. Bank Nifty might Trade between 22300 to 23000 today.


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