Can FINNIFTY Consolidate in High VIX? - Pre-Market Analysis Report


What Happened Yesterday?

NIFTY started the day with a gap-up at 22,107 and moved down. It stayed above the 22k mark and reversed back up by 10 AM. Very soon, a fresh all-time high was made by the index and it kept on moving up. NIFTY closed the day at 21,122, up by 81 points or 0.37%.

U.S. markets were on holiday yesterday. The European markets closed flat.

What to Expect Today?

Asian markets are trading mostly in red.

The U.S. Futures are trading slightly in the red.

GIFT NIFTY is trading in red at 22,142.

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

NIFTY has supports at 22,080, 22,020 and 21,955. We can expect resistances at 22,150, 22,200 and 22,250.

BANKNIFTY has supports at 46,470, 46,240 and 46,000. We can expect resistances at 46,700, 46,950 and 47,100.

FINNIFTY has supports at 20,450, 20,375 and 20,250. We can expect resistances at 20,610, 20,750 and 20,800.

In NIFTY, there is a high call OI resistance at 22,100. There is a high put OI support at 22,000. PCR is bullish at 1.19.

In BANKNIFTY, there is a high call OI resistance at 46,500. There is a high put OI support at 46,000. PCR is bullish at 1.17.

In FINNIFTY, there is a high call OI resistance at 20,800. There is a high put OI support at 20,300. PCR is bullish at 1.01.

Foreign Institutional Investors net-sold shares worth Rs 754 crores. Domestic Institutional Investors net-bought shares worth Rs 452 crores.

INDIA VIX jumped to 16.01.

NIFTY finally gave a breakout above the all-time high yesterday. But if you look closely at the daily chart, a long has been formed on the top and the close was just below the 22,125 mark.

Another day of strength will be needed to confirm the market can move up to its next level of 22,500.

GIFT NIFTY is flat indicating there will be no easy way for NIFTY to get a gap-up and rally. The first 20 minutes of the day will be super important.

For the FINNIFTY expiry, all positional players are traded ‘safe’. There are no high OI buildups near the current levels and put sellers are more confident.

Looking at how things are going, I would not be surprised to see FIIs continue selling and DIIs continue buying today. And an overall FINNIFTY consolidation day. Non-aggressive players can end up making money because of the high VIX.

A reminder that tomorrow night, the U.S. Fed Reserve will be publishing the Fed Meeting Minutes.

We will be modifying our 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!

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