Big Gap-up Indicated by GIFT NIFTY! - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the day flat at 21,932 and was very volatile. Overall, the trading range was 200 points, but it had very choppy movements. A 150-point rally in the last 30 minutes helped the index close in green. NIFTY closed the day at 21,982, up by 31 points or 0.14%.

U.S. markets closed in green. The European markets closed mixed.

What to Expect Today?

Asian markets are mostly in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in big green at 22,220.

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

NIFTY has supports at 22,175, 22,080 and 22,020. We can expect resistances at 22,250, 22,300 and 22,350.

BANKNIFTY has supports at 46,240, 46,000 and 45,560. We can expect resistances at 46,470, 46,700, 46,950 and 47,200.

Foreign Institutional Investors net-bought shares worth Rs 3,568 crores. Domestic Institutional Investors net-sold shares worth Rs 230 crores.

INDIA VIX fell to 15.57.

Our market had an expectably volatile session for the monthly expiry day. Wednesday saw a crash, as the AMFI circular for restrictions on smallcap and midcap funds came out.

The U.S. GDP grew at a solid pace of 3.2%, while India grew at 8.4% for the last quarter. This is good news for the market.

The U.S. PCE inflation or Personal Consumption Expenditures Inflation data in the U.S. came out around 2.4%. This is not the only figure to be watched, but it is still giving some initial confidence about rate cuts going into the future.

If our markets do open with a big gap-up like indicated, it could trigger a really good rally on the upside. Watch for the breakout which happens after the first 15 minutes. The level of 22,500, which we had been expecting would be closer than ever for the market.

Have an eye out for NIFTY IT, which has been waiting for a good breakout.

March has been the most volatile month, according to NIFTY data from the last 20 years. So make sure you trade with that knowledge.

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!