FINNIFTY Weakness in the Market? - Pre-Market Analysis Report


What Happened yesterday?

NIFTY started Friday with a small gap-up at 21,304. From there, the market slowed down before jumping back up to 21,400. The day continued with a lot of volatility and even touched the day-low at 2 PM. NIFTY recovered and closed at 21,349, up by 94 points or 0.44%.

U.S. markets closed flat. The European markets also closed flat.

What to Expect Today?

Asian markets are trading in the green.

The U.S. Futures are trading in slight green.

GIFT NIFTY is trading in green at 21,421.

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

NIFTY has supports at 21,250, 21,200 and 21,140. We can expect resistances at 21,400, 21,500 and 21,560.

FINNIFTY has supports at 21,145, 21,080 and 21,000. We can expect resistances at 21,300, 21,405 and 21,470.

In NIFTY, the highest put OI is at 21,000 and one of the highest call OI is at 21,500. PCR is bullish at 1.11.

In FINNIFTY, the highest put OI is at 21,000 and the highest call OI is at 21,500. PCR is bearish at 0.82.

Last week, Foreign Institutional Investors net-sold shares worth Rs 6,300 crores. Domestic Institutional Investors net-bought shares worth Rs 8,900 crores.

INDIA VIX overall went up last week to 13.70.

On Friday, NIFTY recovered from the day-lows and closed in the green. This was mainly due to the strength of IT stocks. BANK NIFTY was weak.

And after a 3-day long Christmas break, the market is opening for the FINNIFTY expiry.

FINNIFTY has not closed below the 21,000 mark on a daily basis since December 5. It is expected to be a good support today also.

The first levels to watch out for will be 21,000-21,350. If you are an option seller, you can move around the strikes a bit depending on the opening.

Keep a watch out for the previous day’s low of 21,150, as financial stocks had closed with weakness on Friday.

All the best for your trades today!

We will be modifying our 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!

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