Market
Calm Monthly Expiry? Gap-Down Opening in NIFTY - Pre-Market Analysis Report
NIFTY is expected to have a flat to gap-down opening today, with key support at 22,350 and resistance at 22,440. Global markets are also moving sideways, similar to NIFTY's recent tight range trading.
Key takeaways
- NIFTY ended yesterday at 22,402, up by 34 points or 0.15%.
- All factors combined indicate a flat to gap-down opening in the market today.
- NIFTY has supports at 22,350, 22,280 and 22,200, and resistances at 22,440, 22,510 and 22,600.
- Foreign Institutional Investors net-sold shares worth Rs 2,511 crores, while Domestic Institutional Investors net-bought shares worth Rs 3,809 crores on Friday.
- The OI levels at 22,300 and 22,500 are important for the monthly expiry today.
What Happened Yesterday?
NIFTY started yesterday at 22,426 with a small gap-up and tried to move up. After the initial 1 hour of trading, the index consolidated for a long time. NIFTY ended the day at 22,402, up by 34 points or 0.15%.
U.S. markets closed flat The European markets also closed flat.
What to Expect Today?
Asian markets are trading mixed.
The U.S. Futures is trading flat.
GIFT NIFTY is trading in slight red at 22,354.
All the factors combined indicate a flat to gap-down opening in the market.
NIFTY has supports at 22,350, 22,280 and 22,200. We can expect resistances at 22,440, 22,510 and 22,600.
NIFTY has the highest call OI resistance at 22,500. There is a high put OI support at 22,300. PCR is at 0.98.
On Friday, Foreign Institutional Investors net-sold shares worth Rs 2,511 crores. Domestic Institutional Investors net-bought shares worth Rs 3,809 crores.
INDIA VIX was flat at 10.27.
NIFTY continued to trade and get stuck around the 22,450 mark. Bank Nifty also respected the Open Interest levels for yesterday’s expiry.
Global markets are also moving sideways, just like us.
The OI levels at 22,300 and 22,500 for the monthly expiry today look important. For the last 2 days, NIFTY has moved in a very tight range.
The expectation is similar today, with 22,400 straddles having around a 100-point premium. Let us see how the market reacts to the 50-point gap-down.
If the index is moving within these ranges, there is nothing to worry about for today. Enjoy the monthly expiry trades, and trade with the levels!
We will be continuing our NIFTY trades and BANKNIFTY trades today. You can check out our trades on the marketfeed app or our website!
All the best for the day!
Frequently asked questions
What was NIFTY's closing value yesterday?
NIFTY ended yesterday at 22,402, up by 34 points or 0.15%.
What are the key support levels for NIFTY today?
NIFTY has supports at 22,350, 22,280 and 22,200.
What are the key resistance levels for NIFTY today?
NIFTY has resistances at 22,440, 22,510 and 22,600.
What is the expectation for NIFTY's opening today?
All the factors combined indicate a flat to gap-down opening in the market today.
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