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Pre - Market Analysis (21st November 2022)

  1. U.S Markets closed flat on Friday.
  2. Dow futures are slightly lower.
  3. Asian markets are mostly mixed right now.
  4. SGX Nifty is flat.
  5. Nifty is likely to have a flat opening today.
  6. Since last many days , Nifty is opening flat.
  7. If I'm not wrong , today will be the sixth straight day of flat opening.
  8. Friday was a volatile trading session.
  9. Nifty opened flat and traded negative throughout.
  10. During the day there was some recovery from the lows.
  11. Even that recovery got sold into later on.
  12. Nifty tested 18200 and there was a huge rally after 2 pm.
  13. So in all it was a flat closing but there was some intraday Volatility. 
  14. Generally last weeks of the expiry are volatile weeks.
  15. All the contracts get squared up , ie futures and options.
  16. This leads to Volatile trading moves.
  17. 18200 -18400 is the short term range on the Nifty.
  18. 18400 was the recent high and Nifty found multiple supports near 18200.
  19. So this becomes a short term range for now.
  20. The way to trade the range is to buy near support and sell near resistance.
  21. That's where risk reward turns to your favor.
  22. Long term range is 18000-18500.
  23. I don't think any of the above levels would get taken out this expiry.
  24. Nifty might trade between 18200-18400 today.
  25. Once we get a closing above or below any of these levels then we shall look at the next plan.
  26. Until then the above plan holds.


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