Bulls Taking NIFTY Up. 23,600 Important Zone - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started yesterday with a 100+ point gap-up at 23,570 and moved down. It took support at 23,500 and then traded sideways for the day. NIFTY ended the day at 23,557, up by 92 points or 0.39%.

U.S. markets closed in small green. The European markets also closed in the green.

What to Expect Today?

Asian markets are trading mostly in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in green at 23,660, up by 60 points.

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

NIFTY has supports at 23,500, 23,420 and 23,350. We can expect resistances at 23,600 and 23,700.

BANKNIFTY has supports at 50,250, 50,100 and 50,000. We can expect resistances at 50,500, 50,670 and 51,000. 

NIFTY has the highest call OI resistance at 24,000 and 23,800. The put OI supports are at 23,400 and 23,500. PCR is at 1.19, indicating bullishness.

BANKNIFTY has the highest call OI resistance at 50,500. The put OI supports is at 50,000. PCR is at 1.22, indicating bullishness.

Foreign Institutional Investors net-bought shares worth Rs 2,569 crores. Domestic Institutional Investors net-bought shares worth Rs 1,555 crores.

INDIA VIX was flat at 12.96.

The trend of gap-up opening and a fall continued for the 6th trading day in NIFTY.

NASDAQ and the S&P500 in the U.S. scaled fresh all-time highs backed by AI stocks

BANKNIFTY turned bullish after so many days, but other stocks like Maruti and ITC had intraday falls. This kept NIFTY below opening levels.

The 23,600 level is one which I expected NIFTY to find difficulty in breaking. But if that level is being broken with strength, further upward momentum could be seen.

For the BANKNIFTY expiry, most positions are built on the put side across the market. Traders are expecting a bullish to sideways index. For larger moves, watch the 50,000 - 50,500 zone,

We will be continuing our NIFTY and BANKNIFTY trades today. You can check out our marketfeed app or our website for new trades!

All the best for the day!