Market
Budget Done. Fresh All-Time High Loading? - Pre-Market Analysis Report
NIFTY closed yesterday down by 28 points, with U.S. markets in the green and European markets in the red. Today, Asian markets are green, and GIFT NIFTY indicates a gap-up opening, with the all-time high just 2% away.
Key takeaways
- NIFTY closed yesterday at 21,697, down by just 28 points or 0.13%.
- Asian markets are all trading in the green, and GIFT NIFTY is trading in green at 21,906, indicating a gap-up opening.
- NIFTY has supports at 21,650, 21,580, 21,480 and 21,400, and resistances at 21,750, 21,800, 22,000 and 22,080.
- The U.S. markets are trading near an all-time high level, with good earnings and a breakout continuing from late November.
- If 22,000 is broken with strength, NIFTY could see a rally to 22,120 (all-time high).
What Happened Yesterday?
NIFTY started yesterday at 21,788 with a slight gap-up and fell. Even though there was intraday volatility, no big breakout or breakdown was seen. A trading zone of just 170 points is what we saw with a good base formed at 21,680. NIFTY closed the day at 21,697, down by just 28 points or 0.13%.
U.S. markets closed in the green. The European markets closed in the red.
What to Expect Today?
Asian markets are all trading in the green.
The U.S. Futures are trading flat.
GIFT NIFTY is trading in green at 21,906.
All the factors combined indicate a gap-up opening in the market.
NIFTY has supports at 21,650, 21,580, 21,480 and 21,400. We can expect resistances at 21,750, 21,800, 22,000 and 22,080.
BANKNIFTY has supports at 45,850, 45,660, 45,480 and 45,230. We can expect resistances at 46,000, 46,240, 46,500 and 46,950.
Foreign Institutional Investors net-sold shares worth Rs -1,879 crores. Domestic Institutional Investors net-bought shares worth Rs 872 crores.
INDIA VIX fell 10% to 14.45.
A good trading day yesterday with the market consolidating between technical levels. But the crazy surprise was that it turned out to be one of the least volatile budget days in history!
Option sellers ended up winning with an IV crush, and no single side rally!
Now it looks like the market is left to move independently, with a major domestic and foreign event getting done this week.
The U.S. markets are trading near an all-time high level, with good earnings and a breakout that is continuing from late November.
Asian markets are also in the green now, with GIFT NIFTY indicating we could trade open above 21,850. As of today, the all-time high is just 2% away.
There is even a world where, if 22,000 is broken with strength, we could see a NIFTY rally to 22,120[all-time high]. 21,480 would again act as a strong support from here.
Two results to watch out for: Tata Motors, and effect of Adani Enterprises result from yesterday. Especially watch out for positive movement in BANKNIFTY.
We will be entering fresh 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 price yesterday?
NIFTY closed yesterday at 21,697, down by just 28 points or 0.13%.
What are the key support levels for NIFTY today?
NIFTY has supports at 21,650, 21,580, 21,480 and 21,400.
What are the key resistance levels for NIFTY today?
NIFTY can expect resistances at 21,750, 21,800, 22,000 and 22,080.
How far is NIFTY from its all-time high as of today?
As of today, the all-time high is just 2% away for NIFTY.
Written by
Ajay AjithRelated reads
Risky Day for NIFTY. High Speculation in Options! - Pre-Market Analysis Report
NIFTY closed at 25,052 yesterday. Today's market expects a flat to gap-down opening with high speculation in NIFTY options. Get key support and resistance levels.
Global Markets Calm. FOMC Meeting Minutes Tonight! - Pre-Market Analysis Report
NIFTY closed up 0.13% yesterday; global markets are green. Today's flat opening expected. Key NIFTY/BANKNIFTY levels and FOMC minutes await.
NIFTY and BANKNIFTY Expiry Today! Will Bears Attack? - Pre-Market Analysis Report
Get the pre-market analysis report for NIFTY and BANKNIFTY expiry today, including key support/resistance levels and market expectations.
Join 2.4M+ Indians · Free · 2 min