Flat Opening Loading. Consolidation for FINNIFTY? - Pre-Market Analysis Report


What Happened yesterday?

NIFTY started the day with a gap-down at 21,434. After the first 2 candles, it was consolidation for NIFTY inside an 80-point zone for the rest of the day. NIFTY closed at 21,418, down by 38 points or 0.18%.

U.S. markets closed flat(+0.15%). The European markets closed mixed.

What to Expect Today?

Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 21,482.

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

NIFTY has supports at 21,400, 21,360 and 21,290. We can expect resistances at 21,500, 21,550 and 21,600.

In NIFTY, the highest put OI is at 21,300 and the highest call OI is at 21,500. PCR is 0.96.

BANKNIFTY has supports at 47,760, 47,600 and 47,500. We can expect resistances at 47,960, 48,200 and 48,500.

In BANKNIFTY, the highest put OI is at 47,000 and the highest call OI is at 48,000. PCR is 0.86

FINNIFTY has supports at 21,420, 21,380 and 21,300. We can expect resistances at 21,470, 21,560 and 21,600.

In FINNIFTY, the highest put OI is at 21,400 and one of the highest call OI is at 21,500. PCR is 0.83.

Yesterday, Foreign Institutional Investors net-sold shares worth Rs Rs 33 crores. Domestic Institutional Investors net-bought shares worth Rs 413 crores.

INDIA VIX is up to 13.90, the highest daily close since March.

The market opened with a gap-down yesterday, after a whole week of gap-up action.

And throughout the whole day, there was high call selling across the market. Put to call ratio for all indices indicates that call sellers are more active this week.

This does not have to mean that the market is set for a fall or big profit booking is coming. It is just an indication that, along with the global markets, we are also ready to consolidate near the top.

Today, for the FINNIFTY expiry, there is a high call selling at 21,500 zone. The index is likely to stay below it till 2:30 PM. On the lower side, Thursday’s and Friday’s low of 21,380 is what you should have in mind.

If FINNIFTY breaks out and performs today, it could be just the right indication for bulls to take up the rest of the market!

All the best for your trades today!

We will be modifying 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!

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