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PRE MARKET REPORT, JAN 03, 2022

  • US Markets closed marginally higher on Friday
  • Asian markets started on positive note
  • SGX Nifty indicating flat start with 21 points cut
  • FIIs net bought shares worth Rs 575.39 crore while DIIs net purchased shares worth Rs 1,165.62 crore
  • Nifty made a high of 18,600 and a swing low of 16,400 which completes 50% Fibonacci retracement around 17,500 and also 50 DMA is at 17,510
  • 17,500 would act as immediate resistance for now one taken could see further upside
  • Looking at OI 17,300 put option has the highest OI indicating good support around that level
  • Bank Nifty needs to be watched very carefully still huge shorts are in Banking stocks any good buying from FIIs could propel Bank Nifty to shoot 1000 points in no time