Fridays Direct the Market? NIFTY to Open Flat - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started yesterday at 23,587 and moved down. It took support in the first hour, and slowly moved back up. With another red day candle, NIFTY ended the day at 23,567, up by 51 points or 0.22%.

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 in green at 23,600, flat.

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

NIFTY has supports at 23,500, 23,420 and 23,350. We can expect resistances at 23,600 and 23,700.

BANKNIFTY has supports at 51,580, 51,270, 51,000. We can expect resistances at 51,800, 52,000, 52,300. 

Foreign Institutional Investors net-bought shares worth Rs 415 crores. Domestic Institutional Investors net-sold shares worth Rs -325 crores.

INDIA VIX is now at 13.34.

The U.S. markets hit another all-time high even yesterday’s market.

The markets are saying that there is resistance around the 23,600 zone. This will be interesting to watch as Fridays are usually when the market moves according to free forces.

BANKNIFTY has given a breakout above its upward-trending channel. The expiry on Wednesday gave the index enough volatility to do this and move up 1,500 points. It is now very close to the 52k mark, but won’t be easy to cross. 

If it does, it will single-handedly mark the revival of HDFC Bank along with it. The stock moved up 3% on Wednesday and is now 20% up from its 52-week low. 

There are no significant local or international cues to watch for currently.

We will be continuing our BANKNIFTY trades and entering fresh NIFTY trades today. You can check out our marketfeed app or our website for new trades!

All the best for the day!