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Pre - Market Analysis (23rd November 2021)

  1. U.S Markets closed lower yesterday.
  2. There was a news regarding Jerome Powell's re-appointment as Fed chairman.
  3. U.S Markets shot up 300 points during the trading hours but all the gains were wiped off during the day end.
  4. Asian markets are weak.
  5. SGX Nifty is indicating a 100 point gap down.
  6. I will not at all be interested to sell gap down today.
  7. Selling at already 100 points fall after a 500 points fall yesterday in not a risk favour trade.
  8. I would look at pullbacks close to 17470-17520 to sell into with a stoploss of 17550.
  9. Also I would be willing to take a buy trade close to yesterday's low of 17250 with a stoploss of 17200.
  10. Because we have fallen almost 800 points in 4 trading sessions so a possibility of small recovery is always existing.
  11. So my range for the day is 17250 to 17500.
  12. I would like to trade the boundaries with strict stoploss.
  13. If I do not get boundaries then I would sit quiet.
  14. Sometimes not doing anything is the best scenario.
  15. If you sell the gap down and a 70-100 point recovery can kill what you made previously.
  16. You will get recoveries and rallies and those offer opportunity to sell into.
  17. Do not listen to experts saying Market has bottomed out this is the bottom etc.
  18. This is not a 2020 Bull Market where Market turns the next day.
  19. Bottoms take time to be made.
  20. Market consolidates , tests the low a couple of times and then you get a confirmation signal of a bottom.
  21. Until then it's a sell on rallies Market.
  22. Look to stay away from doing anything in Bank Nifty as the pull backs may be sharp there.
  23. Nifty might Trade between 17250 to 17500 today.


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