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Are Put Sellers Over Aggressive in BANKNIFTY Expiry? - Pre-Market Analysis Report
NIFTY hit a fresh all-time high, closing at 21,196, while BANKNIFTY shows a highly bullish PCR at 1.55. Today's market is expected to open flat with potential volatility before the Fed Minutes release.
Key takeaways
- NIFTY closed the day at 21,196, up by 74 points or 0.34%, hitting a fresh all-time high.
- Foreign Institutional Investors net-sold shares worth Rs -1,335.51 crores, while Domestic Institutional Investors net-bought shares worth Rs 1,491 crores.
- In BANKNIFTY, there is high call OI resistance at 47,500 and high put OI support at 47,000, with a highly bullish PCR at 1.55.
- The market gave another breakout with strength seen in private banks, including HDFC Bank, Axis Bank, and Kotak Bank.
- Expect some volatile action by the end of the day before the Fed Minutes release tonight.
What Happened Yesterday?
NIFTY started the day flat at 21,111 and tried to move down. There was good support at Friday’s high and by noon the market was back at an all-time high. With a great rally towards the end of the day, a fresh all-time high was hit. NIFTY closed the day at 21,196, up by 74 points or 0.34%.
U.S. markets closed in the red. The European markets closed mixed.
What to Expect Today?
Asian markets are trading mostly in red.
The U.S. Futures are trading slightly in the red.
GIFT NIFTY is trading flat at 22,253.
All the factors combined indicate a flat opening in the market.
NIFTY has supports at 22,080, 22,020 and 21,955. We can expect resistances at 22,250, 22,300 and 22,350.
BANKNIFTY has supports at 46,950, 46,700 and 46,470. We can expect resistances at 47,200, 47,420 and 47,600.
In NIFTY, there is high call OI resistance at 22,200. There is a high put OI support at 22,000. PCR is bullish at 1.21.
In BANKNIFTY, there is high call OI resistance at 47,500. There is a high put OI support at 47,000. PCR is highly bullish at 1.55.
Foreign Institutional Investors net-sold shares worth Rs -1,335.51 crores. Domestic Institutional Investors net-bought shares worth Rs 1,491 crores.
INDIA VIX jumped to 16.07.
The market gave another breakout with strength being seen in private banks. HDFC Bank, Axis Bank and Kotak Bank contributed 2/3rd of NIFTY’s move.
There was a good move in BANKNIFTY and FINNIFTY too!
There are good premiums available around the market with the high VIX. The BNF 47,000 straddle for today’s expiry has a total premium of 450+ points. So for around plus or minus 450 points of the 47k mark, I would not be worried about BANK NIFTY making a big move.
But beyond this, a really good move can be expected. By the end of the day, expect some volatile action before the Fed Minutes release tonight. Keep an eye out for the OI data throughout the day!
We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!
Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!
Frequently asked questions
What was NIFTY's closing value yesterday?
NIFTY closed the day at 21,196, up by 74 points or 0.34%.
What are the key support and resistance levels for NIFTY today?
NIFTY has supports at 22,080, 22,020 and 21,955, and resistances at 22,250, 22,300 and 22,350.
What is the PCR for BANKNIFTY?
The PCR for BANKNIFTY is highly bullish at 1.55.
What contributed to NIFTY's move yesterday?
HDFC Bank, Axis Bank and Kotak Bank contributed 2/3rd of NIFTY’s move.
Written by
Ajay AjithRelated reads
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