Can Markets Continue the Bullishness? - Pre Market Analysis Report


What Happened Yesterday?

NIFTY started Friday flat at 19,258. Right from the first candle, the index moved up with strength and shot up over 200 points. NIFTY closed at 19,435, up by 181 points or 0.94%.

BANK NIFTY started the day flat at 43,996 and fell a bit. But it soon found strength and showed a solid upward rally of more than 700 points. BANK NIFTY closed at 44,436, up by 446 points or 1.02%.

U.S. markets closed in the green. The European markets closed mixed.

What to Expect Today?

Asian markets are trading in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in green at 19,566.

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

NIFTY has supports at 19,400, 19,300 and 19,240, 19,100. We can expect resistances at 19,438, 19,560, 19,650 and 19,720.

BANK NIFTY has supports at 44,277, 44,150, 43,830 and 43,680. Resistances are at 44,600, 44,800 and 45,000.

FIN NIFTY has supports at 19,730, 19,620, 19,500. We can expect resistances at 19,800, 19,900, 20,000.

NIFTY has the highest call OI build-up at 19,500 and 19,550. The highest put OI build-up is at 19,300. PCR is at 1.25.

BANK NIFTY has the highest call OI build-up at 44,500. The highest put OI build-up is at 44,000. PCR is at 1.15.

FINNIFTY has the highest call OI build-up at 19,900. The highest put OI buildup is at 19,200 and 19,500. PCR is at 1.15

Last week, Foreign Institutional Investors net-bought shares worth Rs 487 crores. Domestic Institutional Investors net-bought worth Rs 2,294 crores last week.

INDIA VIX fell to 11.36.

NIFTY created a good bullish green candle on Friday. It completely engulfed Thursday’s candle but found resistance at the week’s high of 19,450.

However, Bank Nifty closed 350 points away from Wednesday’s high. FINNIFTY is also moving with identical patterns.

Will have to see if Kotak shares react as Uday Kotak resigned 4 months ahead of the earlier plan. Hopefully, it will not.

In the last many weeks, Friday’s trade has been an indication of how the next week might go. This Friday closed well in the green with good put selling in the market.

This gives an early indication that short-term bullishness exists. Expecting a bullish closing today.

In Friday’s job report, the US added more jobs than expected, but the unemployment rate hit the highest level since February 2022. Markets didn’t react too much.

Crude oil prices have also given a breakout and moved up to $88/barrel. Watch out Reliance for a positive move, and paint stocks for a negative move.

The Fed Interest rate hike decision is coming in the middle of September. Market participants are expecting no rate hikes, hence the recent positivity.

Let’s hope the positivity continues in the market for this week!

Follow along with Smart Money(NIFTY) and Piggy Bank(BANK NIFTY) trades for the week. You can check out the marketfeed app or our website for trades!

Make sure that you tune in to The Stock Market Show at 7 p.m. on our YouTube channel. All the best for the day!

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