Market
Another Gap-up. When will Profit Booking Start? - Pre-Market Analysis Report
NIFTY and BANKNIFTY are expected to open with a gap-up, with NIFTY potentially hitting 22,500. Profit booking is anticipated once key resistance levels are reached.
Key takeaways
- NIFTY closed yesterday at 22,378, up by 39 points or 0.18%.
- GIFT NIFTY is trading in green at 22,527, indicating a gap-up opening in the market.
- NIFTY has supports at 22,360, 22,280 and 22,175, and resistances at 22,430, 22,500 and 22,600.
- Foreign Institutional Investors net-sold shares worth Rs 81 crores, and Domestic Institutional Investors net-sold shares worth Rs 44 crores.
- The market is waiting for the right opportunity for profit booking, especially if NIFTY crosses 22,500.
What Happened Yesterday?
NIFTY started Saturday with a gap-up at 21,420 and fell. The moves were small as traders were inactive for the special trading day. After consolidating in a tight zone, NIFTY closed the day at 22,378, up by 39 points or 0.18%.
U.S. markets closed in the green. The European markets closed in green.
What to Expect Today?
Asian markets are trading mixed.
The U.S. Futures are in slight red.
GIFT NIFTY is trading in green at 22,,527.
All the factors combined indicate a gap-up opening in the market.
NIFTY has supports at 22,360, 22,280 and 22,175. We can expect resistances at 22,430, 22,500 and 22,600.
BANKNIFTY has supports at 47,200, 46,950 and 46,700. We can expect resistances at 47,420, 47,600 and 47,800.
Foreign Institutional Investors net-sold shares worth Rs 81 crores. Domestic Institutional Investors net-sold shares worth Rs 44 crores.
INDIA VIX fell to 14.99.
On Friday, we had a great breakout in the market with NIFTY moving up to 22,350. There was more than a 2.5% move in BANKNIFTY and it is just one more move away from the all-time high.
The next logical level at 22,500 for NIFTY, could be hit today. But I am watching out for profit booking once the market touches this level.
If it is crossed and sustained on a daily candle, then 22,800 would be the next level to watch for.
Reliance has been testing the ₹3,000 mark for 3 days. Let’s see if it can move up. SBI is also near its all-time high level.
The market is waiting for the right opportunity for profit booking. Historically, it has been a volatile month! The question is will it be today, or will the market survive for another day!
We will be entering fresh NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!
All the best for the day!
Frequently asked questions
What happened with NIFTY yesterday?
NIFTY started Saturday with a gap-up at 21,420 and fell, closing the day at 22,378, up by 39 points or 0.18%.
What are the support and resistance levels for NIFTY today?
NIFTY has supports at 22,360, 22,280 and 22,175, and resistances at 22,430, 22,500 and 22,600.
What are the support and resistance levels for BANKNIFTY today?
BANKNIFTY has supports at 47,200, 46,950 and 46,700, and resistances at 47,420, 47,600 and 47,800.
What were the activities of Foreign and Domestic Institutional Investors?
Foreign Institutional Investors net-sold shares worth Rs 81 crores, and Domestic Institutional Investors net-sold shares worth Rs 44 crores.
Written by
Ajay AjithRelated reads
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