Pre-Market Report 26 APR 2022

Fact.

1.   FII, as usual, is in sell mode and they sold around -3300 Cr, but DII again supported the market by buying 1800 Cr.

2.   Yesterday, there was a huge short build-up in Nifty 50.

3.   Max Pain sifted from 17300 to 17100 for nifty 50. PCR also sifted to 0.64 which indicates the bear market.

4.   After falling in the night, the commodity market is flat.

5.   Just because of the banking sector, specially ICICIBANK and HDFC twins, the market closed above 16900. So, we need to close these tocks carefully today.

6.    For a few days, the Asian market and US market were falling just because of the interest rate hike in the US. But yesterday US Market closed in green because people are expecting good results from tech giants - Google-parent Alphabet, Meta Platforms, and Microsoft.

7.    Now, Asian as well as US markets are flat with a positive bias.

8.    SGX nifty is indicating the 100-point gap up.

 

Conclusion.

There was a huge short created yesterday and if today's market sustained above 17000 for a few hours, short-covering will happen and the market will go up, So the expected range for trading is 17000 to 17300.

 

 

Disclaimer: This blog is just for educational purposes and it represents my view. Don’t Consider it as advice as I am not SEBI Registered research analyst or advisor. Before taking trade do your research or consult your financial advisor. I am not responsible for any profit or loss that arises due to trading or investing.