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Friday Breakout or Consolidation for NIFTY? - Pre-Market Analysis Report
NIFTY started yesterday with a big gap-up at 23,480 but could not sustain the all-time high levels, falling back to Thursday’s trading zone. Today's pre-market analysis indicates a flat to gap-up opening, with NIFTY having supports at 23,350, 23,200, 23,100 and 23,000.
Key takeaways
- NIFTY started yesterday with a big gap-up at 23,480 but could not sustain the all-time high levels and fell back to Thursday’s trading zone.
- Asian markets are trading mostly in the red, and U.S. Futures are trading flat, indicating a flat to gap-up opening in the market.
- NIFTY has supports at 23,350, 23,200, 23,100 and 23,000, with resistances expected at 23,400 and 23,500.
- Foreign Institutional Investors net-sold shares worth Rs -3,033 crores, and Domestic Institutional Investors net-sold shares worth Rs -553 crores.
- Markets have been giving back-to-back gap-ups since June 5, and this trend is expected to continue today, with hopes for moves to 23,500 and then consolidation.
What Happened Yesterday?
NIFTY started yesterday with a big gap-up at 23,480 and moved down. It could not sustain at the all-time high levels and fell back to Thursday’s trading zone. After the initial fall, markets mostly traded in a 60-point zone. NIFTY ended the day at 23,398, up by 76 points or 0.33%.
U.S. markets closed mixed. The European markets closed in the green.
What to Expect Today?
Asian markets are trading mostly in the red.
The U.S. Futures are trading flat.
GIFT NIFTY is trading flat at 23,420, up by 15 points.
All the factors combined indicate a flat to gap-up opening in the market.
NIFTY has supports at 23,350, 23,200, 23,100 and 23,000. We can expect resistances at 23,400 and 23,500.
BANKNIFTY has supports at 49,750, 49,680, 49,500 and 49,300. We can expect resistances at 50,000, 50,100 and 50,250.
Foreign Institutional Investors net-sold shares worth Rs -3,033 crores. Domestic Institutional Investors net-sold shares worth Rs -553 crores.
INDIA VIX cooled down to 13.48.
Markets have been giving gap-ups back to back since June 5. Even today, we can expect this trend to continue. In the last 4 gap-ups, we have had red candles in the day.
Usually, Friday is the day where options players let the market rally. So hoping to see some moves to 23,500 and then see some consolidation!
Do remember that NIFTY is trading outside a very bullish channel, and eventually it would come back and continue inside the older trendlines.
Keep an eye out for HDFC Bank and Reliance today.
We will be entering fresh NIFTY trades and continuing our BANKNIFTY trades today. You can check out our marketfeed app or our website for new trades!
All the best for the day!
Frequently asked questions
What happened with NIFTY yesterday?
NIFTY started yesterday with a big gap-up at 23,480 but could not sustain the all-time high levels and fell back to Thursday’s trading zone, ending the day at 23,398, up by 76 points or 0.33%.
What are the expected support and resistance levels for NIFTY today?
NIFTY has supports at 23,350, 23,200, 23,100 and 23,000, and resistances are expected at 23,400 and 23,500.
What are the expected support and resistance levels for BANKNIFTY today?
BANKNIFTY has supports at 49,750, 49,680, 49,500 and 49,300, and resistances are expected at 50,000, 50,100 and 50,250.
What was the activity of Foreign and Domestic Institutional Investors yesterday?
Foreign Institutional Investors net-sold shares worth Rs -3,033 crores, and Domestic Institutional Investors net-sold shares worth Rs -553 crores.
Written by
Ajay AjithRelated reads
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