Can Global Negativity Bring Our Market Down? Pre Market Analysis

Here are some of the major updates that could move the markets today:

Stocks

Titan registered a 20% year-on-year (YoY) revenue growth for the June quarter, with all the key consumer businesses witnessing double-digit growth in the quarter.

FMCG major Dabur India's consolidated business is expected to register a growth of over 10% for the first quarter ended June.

Adani Green announced that it intends to raise funds to the tune of Rs 12,300 crore through the qualified institutional placement (QIP) route.

What to Expect Today?

NIFTY opened flat at 19,392, took support from yesterday’s consolidation zone and rallied heavily. The previous day's high was broken and retested to give another up-move. NF closed at 19,497, up by 99 points or 0.51%.

BANK NIFTY opened flat at 45,082 and continued consolidation. The index broke the trendline we were talking about on TSMS and rallied to close at 45,340, up by 188 points or 0.42%.

IT moved down by 0.12%.

The US markets closed in the red. The European markets ended deep in the red.

The Asian markets are trading much lower.

The U.S. Futures and European futures are trading flat.

GIFT NIFTY is trading 70 points lower at 19,475.

All the factors combined indicate a gap-down opening.

NIFTY has supports at 19,435, 19,370, 19,340 and 19,300 and 19,265. We can expect resistances at 19,500, 19,600 and 19,700.

BANK NIFTY has supports at 45,100, 45,000 and 44,780. Resistances are at 45,370, 45,650 and 45,800.

INDIA VIX  is at 11.8.

Foreign Institutional Investors net-bought shares worth Rs 2,600 crores. Domestic Institutional Investors net-sold shares worth 2,400 crores.

Bank Nifty has broken the trendline on the upside and reached the next target of 45,370. There was a possibility of another up-move here but the global cues are rather unfavourable. This will make the zone of 45,100-45,000 crucial.

Nifty also has a buying zone below but crossing 19,435 can be a weakness. Despite the fall in the European markets, we saw strength in our markets yesterday. It will be hard for our market to rally today in the background of bleeding global markets. 

The US Jobs data came out stronger than expected and it means the chances for hikes are higher now.

Today is the weekly close and the bulls look very safe now. At the same time, there can be a steeper correction as the rally we had was vertical.

I will watch 19,435 on the downside in NIFTY. 19,500 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YoutTube channel ‘marketfeed by Sharique Samsudheen’. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!