Asian Markets in Red. Can HDFC Bank Results Shake the Market? - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY ended last week in slight green, despite Monday’s gap-down. The bears went overly short in the market and got punished on Tuesday. There was consolidation towards the end of the week, and NIFTY closed at 19,751, up +0.31% or 61 points.

BANK NIFTY had a very similar week and moved in a 1,000-point zone. Even with the short covering, the entire week could not close in green. BANK NIFTY closed at 44,287, down -0.16% or 72 points for the week.

U.S. markets closed flat on Friday. The European markets were in the red.

What to Expect Today?

Asian markets are trading in the red.

The U.S. Futures are trading slightly in the green(+0.13%).

GIFT NIFTY is trading in green at 19,729.

All the factors combined indicate a flat to gap-up opening in the market.

NIFTY has supports at 19,720, 19,640 and 19,560. We can expect resistances at 19,790, 19,840 and 19,870.

BANK NIFTY has supports at 44,220, 43,960 and 43,840. Resistances are at 44,520, 44,600 and 44,800.

Foreign Institutional Investors net-sold shares worth Rs -2,199 crores this week. Domestic Institutional Investors net-bought worth Rs 3,939 crores.

INDIA VIX is down to 10.61.

Last week was definitely a crazy week for NIFTY. With the Monday fall, and Tuesday short covering, the entire balance of the market went off.

Infosys and TCS results came out, and the market punished both stocks. 

This week, more stocks especially from the banking sector are set to announce their results. HDFC Bank shifted their results from yesterday to today which might cause some exciting moves in the market.

Going into the weekend, NIFTY had bullish PCR values after a long time. That means, more puts were sold in the market than calls.

NIFTY has a good support and resistance level nearby at 19,720 and 19,840. After this, the levels to watch out for will be 19,600-20,000

Keep an eye on FINNIFTY levels and the moves with the HDFC Bank today!

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades for the week. You can check out the marketfeed app or our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!