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Pre - Market Analysis (28th May 2021)

  1. U.S Markets closed significantly higher Yesterday.
  2. This was due to Jobless claims report which was favourable.
  3. Asian Markets are mostly trading higher.
  4. SGX Nifty is up by 40,50 points close to 15460.
  5. Yesterday was the end of May series and it was a fantastic month for the Bulls.
  6. Markets for the last 3 Months have been in a Consolidation mode after rallying April to December.
  7. Today is the start of June series and if we open as SGX Nifty indicates then on Intraday basis itself we might test all time highs on Nifty.
  8. Bank Nifty has a long way to go for its all time highs and that's the reason I'm more Bullish on Bank Nifty than on Nifty.
  9. Yesterday Bank Nifty broke out of 35k where there were lot of option sellers who sold 35000 CE.
  10. This led to big short covering towards the end of the day.
  11. SBI contributed to the short covering rally and was up 4% yesterday.
  12. SBI is close to its all time high of 430 now & if once this breaks then there would be no stopping for SBI.
  13. June Month has no holidays unlike May having 3-4 public holidays.
  14. So June is going to a long 4 weeks month.
  15. 15000 is a strong barrier for our Markets now.
  16. There's no reason to be bearish and Markets should rally more from here.
  17. However sudden profit booking of 1-2% cannot be ruled out.
  18. Use dips to sell Put options or to buy into the Market.
  19. Bank Nifty has more steam left than Nifty now.
  20. I would advice not to chase today's gap up and wait for 50-80 point dip on Intraday basis to get into the bus.
  21. There has been high addition of open interest at 15000 PE.
  22. More often than not such gap ups are sold into.
  23. Nifty might Trade between 15320-15540 today.
  24. stockmarketadvisory.in

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