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Pre - Market Analysis (23rd Feb 2023)

1. U.S Markets closed mixed yesterday. 
2. Right now , U.S Futures are higher.
3. SGX Nifty is up 50-70 Points.
4. As per SGX , it's likely to be a gap up opening today.
5. Usually in Bear markets , gap up gets sold into aggressively. 
6. Also this is a minor gap up.
7. So expect yesterday's low to be tested at least once during the day.
8. Yesterday's low is a short term support to work with now.
9. Next support after 17500 is at 17350.
10. This was the budget day low and also 200 DMA.
11. After 17350 there's no support all the way 17000.
12. First resistance at 17750.
13. 17900 and 18100.
14. These are the important levels to work with.
15. Yesterday's fall was majorly due to the Adani Saga.
16. There was no surprise from FED yesterday. 
17. They have hiked the interest rate as per expectation. 
18. Plus they have indicated that there would be 3-4 rate hikes in the future as well.
19. Unless these Adani stocks bottom out , our market isn't going to settle anytime soon.
20. Yesterday's range was quite big so we can expect an inside candle today.
21. Nifty might trade between 17500 to 17800 today.


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