Consolidating Friday? Flat Opening Expected - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the day flat at 19,674. From the day-low, there was a proper rally to 19,880 levels. But what was interesting was the final 30 mins of trading, with a fall of 150 points. Nifty closed at 19,765, up by 89 points or 0.46%.

BANK NIFTY also had a cold start, with initial consolidation. It gave a breakout and then tried to spike till yesterday’s high. BANK NIFTY also faced rejection for the second time, resulting in a sharp fall of over 350 points in just 30 minutes. BNF closed at 44,161, down by 40 points or 0.09%.

U.S. markets closed slightly in the red(-0.14%). The European markets closed mixed.

What to Expect Today?

Asian markets are trading mostly in the red.

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

GIFT NIFTY is trading flat at 19,789.

All the factors combined indicate a flat opening in the market.

NIFTY has supports at 19,720, 19,640 and 19,560. We can expect resistances at 19,790, 19,870 and 19,920.

BANK NIFTY has supports at 44,060, 43,960 and, 43,835. Resistances are at 44,160 44,277 and 44,400.

Foreign Institutional Investors net-bought shares worth Rs 957 crores. Domestic Institutional Investors net-bought worth Rs 705 crores.

INDIA VIX is higher at 11.64.

Another crazy move in the market for Thursday’s NIFTY expiry. The index moved within the expected ranges, but the last 30-minute move was the crazy part!

The U.S. markets have consolidated after multiple days of bullish moves. This indicates our market could consolidate from here as well.

The PCR values when the day began in NIFTY was already bullish, and the breakout above levels was in-line with expectations.

But looking forward, BANK NIFTY is seeing more call selling for the upcoming week of trade. Will be interesting to see if the trend continues on into the weekend.

We will be continuing our NIFTY and BANK NIFTY trades today. You can check out our trades on 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!