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Flat Opening in NIFTY. Election Counting Volatility in Market! - Pre-Market Analysis Report
NIFTY is expected to open flat today, with market volatility anticipated due to election vote counting. Yesterday saw a gap-up opening followed by profit booking and a recovery.
Key takeaways
- NIFTY ended yesterday at 23,263, up by 733 points or 3.25% for the week, after a volatile session.
- A flat opening is indicated for today, with Asian markets in slight red and U.S. Futures trading flat.
- High call OI resistance is noted at 23,500 and 24,000 in NIFTY, with put sellers active at 23,000.
- Foreign Institutional Investors net-bought shares worth Rs 6,850 crores, while Domestic Institutional Investors net-sold shares worth Rs 1,913 crores.
- INDIA VIX crashed 15% to 20.93, and further volatility is expected today due to vote counting.
What Happened Yesterday?
NIFTY started yesterday with a huge gap-up at 23,338 and saw profit booking. The first 5-minute candle fell almost 200 points. Throughout the day, the market slowly recovered back to the day high. NIFTY ended the day at 23,263, up by 733 points or 3.25% for the week.
U.S. markets closed mixed. The European markets also closed mixed.
What to Expect Today?
Asian markets are trading mostly in slight red.
The U.S. Futures are trading flat.
GIFT NIFTY is trading in red at 23,441, down by 10 points.
All the factors combined indicate a flat opening in the market.
NIFTY has supports at 23,200, 23,095, 23,000. We can expect resistances at 23,300, 23,400, 23,500.
FINNIFTY has supports at 22,570, 22,430 and 22,270. We can expect resistances at 22,700, 22,800 and 22,900.
In NIFTY, there is high call OI resistance at 23,500 and 24,000. Put sellers are active at 23,000. PCR is 0.89.
In FINNIFTY and BANKNIFTY, there are no high contract buildups near the spot price. PCRs indicate that more call options are being sold in both indices.
Foreign Institutional Investors net-bought shares worth Rs 6,850 crores. Domestic Institutional Investors net-sold shares worth Rs 1,913 crores.
INDIA VIX crashed 15% to 20.93.
The market was crazy yesterday as expected. It crashed down after the initial gap-up opening, but then went back up slowly.
BANKNIFTY closed at the day-high and has to be watched again today.
And today is the vote counting day. Expecting market volatility with a further crash in VIX, which could trap option buyers.
In NIFTY, 23,500 is an important level to watch. High resistance is expected at that level.
On the lower side, do watch 23,200 and 23,100 in NIFTY.
We will be continuing to stay out of trading today. You can check out our marketfeed app or our website by Thursday for new trades!
All the best for the day!
Frequently asked questions
What happened in NIFTY yesterday?
NIFTY started yesterday with a huge gap-up at 23,338, saw profit booking, and then slowly recovered to end the day at 23,263, up by 733 points or 3.25% for the week.
What is the expectation for today's market opening?
All factors combined indicate a flat opening in the market today.
What are the key support and resistance levels for NIFTY today?
NIFTY has supports at 23,200, 23,095, 23,000 and resistances at 23,300, 23,400, 23,500.
What is the significance of today's date for the market?
Today is the vote counting day, and market volatility is expected.
Written by
Ajay AjithRelated reads
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