DIIs Continue Buying, Reliance at All-Time High! - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the day with a gap-up at 22,295 and moved down. There were no big moves in the day, as the index traded in a 100-point zone. After consolidation near the previous day’s high, NIFTY closed the day at 22,212, down by 5 points or 0.02%.

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

What to Expect Today?

Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in slight red at 22,222.

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

NIFTY has supports at 22,175, 22,080 and 22,020. We can expect resistances at 22,250, 22,300 and 22,350.

BANKNIFTY has supports at 46,800, 46,700 and 46,470. We can expect resistances at 46,950, 47,200, 47,420 and 47,600.

In NIFTY, there is high call OI resistance at 22,500. There is a high put OI support at 22,000. PCR is bearish at 0.88.

In BANKNIFTY, there is high call OI resistance at 47,000. There is also a high put OI support at 47,000. PCR is bearish at 0.79.

Last week, Foreign Institutional Investors net-sold shares worth Rs 1,939 crores. Domestic Institutional Investors net-bought shares worth Rs 3,351 crores.

INDIA VIX cooled to 14.97.

Last week was another all-time high week in the market with NIFTY touching close to 22,300 on Friday’s open.

This week's major events are the U.S. and India’s GDP numbers. They will be coming out on the monthly expiry this Thursday.

When we look at the market, it still has some strength to go onto 22,500 this week. Global markets participating would take NIFTY up to that level.

The earlier all-time high of 22,125 would be the first support level to watch out for. If there is a gap-down today and the index falls below this level, it would be difficult to get back.

Do keep an eye out for Reliance, which is very close to the 3,000 mark. The stock hit an all-time high(ATH) on Friday. ICICI Bank is also trying for an ATH breakout.

DIIs continue to pour in money. The market rally will be only as strong as how much money they are pumping into the market!

We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!

All the best for the day!