Bank Nifty Flies to All-Time High! Pre Market Analysis

Here are some of the major updates that could move the markets today:

Stocks

Monte Carlo Fashions has posted net profit of Rs 19.8 crore for the quarter ended March. Revenue from operations stood at Rs 237 crore.

Best Agrolife reported a net loss of Rs 8.4 crore in the March quarter. Revenue was at Rs 254 crore in the same period.

Vedanta, ITC will be in focus today as the shares of companies will go ex-dividend today.

NBCC (India) has posted a net profit of Rs 108 crore in the fourth quarter. Revenue from operations for the quarter stood at Rs 2,790 crore.

Rail Vikas Nigam posted net profit of Rs 359 crore in the fourth quarter. Revenue from operations stood at Rs 5,719 crore.

What to Expect Today?

NIFTY opened with a huge gap-up at 18,600 yesterday. The gap-up was followed by consolidation. The index closed at 18,599, up by 99 points or 0.54%.

BANK NIFTY opened with a gap-up at 44,279 and moved higher. A top was formed and the index consolidated. BNF closed at 44,312, up by 294 points or 0.67%.

FIN NIFTY opened with a gap-up at 19,517 and moved higher to touch 19,600. There was resistance at this zone and the index started moving down slowly. FIN NIFTY closed at 19,532, up by 162 points or 0.84%.

IT closed 0.39% lower.

The US markets remained closed on account of Memorial Day. The European markets closed slightly lower. FTSE remained shut.

The Asian markets are trading mostly lower.

The U.S. Futures are trading higher and European futures are trading slightly in the red.

SGX NIFTY is trading at 18,700.

All the factors combined indicate a flat opening.

NIFTY has supports at 18,580, 18,500, and 18,425. We can expect resistances at 18,640, 18,660, and 18,700.

BANK NIFTY has supports at 44,200, 44,100 and 44,000. Resistances are at 44,430, 44,500 and 44,600.

FIN NIFTY has supports at 19,475, 19,400, and 19320. Resistances are at 19,600, 19,630 and 19,700.

NIFTY has the highest call OI build-up at 18,800. The highest put OI build-up is at 18,300.

BANK NIFTY has the highest call OI build-up at 44,500. The highest put OI build-up is at 44,000.

FIN NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,400.

INDIA VIX  rose by 3% to 12.3.

Foreign Institutional Investors net-bought shares worth Rs 1,800 crores. Domestic Institutional Investors net-bought shares worth 900 crores.

The global cues are mixed as the US markets remained shut on account of Memorial Day. FTSE will reopen today after three days. Let us get cues for the second half from FTSE and DAX. 

The Asian markets also are mixed now giving us less clues about our market’s initial price action. NIKKEI is consolidating after a fall today. Keep in mind that NIKKEI is at a 33-year high.

Euro Inflation expectation is the only major global cue that we have to keep an eye on. However, we have the real data coming out on Thursday. Germany inflation data will be released tomorrow. 

The first time ATH was approached, there was a proper rejection in BNF. As it is the second time, the level has been broken well and the market is consolidating well above the previous ATH. Let us see if the up-trend continues.

NIFTY has to travel a bit more to reach ATH. A consolidation here and a strong breakout after refuelling strength can lead to a sustained rally.

It is FIN NIFTY expiry and that takes my focus to the level of 19,600. It will be a major resistance. There is a huge call OI addition as well. Breaking the level can lead to further up-move.

I will watch 18,580 on the downside in NIFTY. 18,640 can be watched on the upside.

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