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Pre - Market Analysis (7th Feb 2023)

1. U.S Markets closed lower Yesterday. 
2. Right now , U.S Futures are higher.
3. Asian markets are higher.
4. SGX Nifty is up 80-100 Points.
5. Jobs data were announced in U.S and more than expected jobs were created.
6. This led to a positive sentiment in the Global Markets.
7. Right now , the Markets have been trading in a narrow range.
8. Budget was good but the Adani fiasco halted the momentum.
9. Adani stocks haven't bottomed out yet.
10. Expect more correction in those stocks before they bottom out.
11. Don't chase falling knives.
12. These can keep on falling to drastic levels.
13. Similarly, on the index point of view.
14. I do not expect much downside from here on.
15. 17350 is a strong base for Nifty.
16. 17850 is the resistance for nifty. 
17. We are likely to open right near the resistance zone today.
18. As per what SGX Nifty is suggesting, so I would wait for first 15 minutes and see whether Morning high is being taken out.
19. If it's taken out then we are likely to have a trending day.
20. Else there could be selling on the gap up.
21. Today we have FIN Nifty expiry as well so this will add up to excess Volatility. 
22. Nifty might trade between 17650 to 17950 today. 


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