Pre - Market Analysis (16th September 2021)

U.S Markets closed higher Yesterday.
Yesterday when our Markets opened Dow Futures were lower.
During the day it started recovering a bit.
Right now Dow Futures are flat.
SGX Nifty is near 17520.
Yesterday was a fantastic rally for both Nifty and Bank Nifty.
Nifty was struggling to cross 17450 for whole of the last week.
Yesterday it has broken out of Consolidation.
Now the short term support has been shifted to 17400.
Yesterday I expected a High Volatile day within the range of 17250 to 17450.
As Market opened the price action was quite Bullish and we broke all time high.
That's when I started to sell put options aggressively.
Also Nifty is up 10000 Points from last Year March low.
From 7500 to 17500 is a fantastic rally.
Do not short this Market , it will burn your hands.
Wait for Dips and good buying zones to enter this Market.
Rather than focusing on 50-100 Point short trade , you will be missing out of 300-500 points upmove.
Better to follow the trend than being too smart and betting contra.
I was indicating that 17400 CE has highest open interest.
If Market breaks this level these people will run for cover and would take markets higher.
Yesterday both the FII's and DII's were net buyers for very small amounts.
Some Relief was offered for Telecom sector Yesterday.
Banks that have lent to this space were Bullish Yesterday.
I don't see Market correcting much from here.
We might either stay flat or will go higher.
Stoploss for your short term long trades should be 17400 on NiFty.
Bank Nifty once goes above 37000 then we will get a Breakout rally.
Nifty might Trade between 17460 to 17620 today.
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