Further Up-move? Pre Market Analysis

Here are some of the major updates that could move the markets today:

Stocks

Aarti Industries has reported a net profit of Rs 149 crore for the quarter ended March, while revenue from operations came in at Rs 1,656 crore.

Pidilite Industries posted a net profit of Rs 283 crore for the quarter ended March, while revenue from operations stood at Rs 2,689 crore.

Mahanagar Gas profit came in at Rs 268 crore for the fourth quarter. Revenue from operations during the same period stood at Rs 1,610 crore.

Andhra Paper has reported a net profit of Rs 154 crore for the quarter ended March. Revenue during the same period stood at Rs 590 crore.

VIP Industries has posted a net loss of Rs 4.3 crore for the quarter ended March. Revenue during the quarter stood at Rs 451 crore.

What to Expect Today?

NIFTY opened with a gap-up at 18126 and gave an explosive move in the morning. There was consolidation in the second half and NIFTY closed at 18,264, up by 195 points or 1.08%.

BANK NIFTY opened with a gap-up at 42,851 and moved up by 500 points. There was consolidation at the top and the index closed at 43,440, up by 618 points or 1.45%.

FIN NIFTY opened with a gap-up at 19,089, moved higher and hovered in the zone 19300-19350. FIN NIFTY closed at 19,304, up by 280 points or 1.47%.

IT moved up by 0.73%. 

The US markets and the European markets had a flat day. FTSE was off yesterday.

The Asian markets are trading higher.

The U.S. Futures and European futures are trading flat.

SGX NIFTY is trading higher at 18,330.

All the factors combined indicate a flat opening.

NIFTY has supports at 18,265, 18,225, 18,200 and 18,100. We can expect resistances at 18,320, 18,385, 18,420 and 18,500.

BANK NIFTY has supports at 43,260, 42,850 and 42,435. Resistances are at 43,420, 43,560 and 43,680.

FINNIFTY has supports at 19,240, 19,160 and 19,045. Resistances are at 19,320, 19,350, 19,400 and 19,480.

NIFTY has the highest call OI build-up at 18,500. The highest put OI build-up is at 18,200.

BANK NIFTY has the highest call OI build-up at 43,500. The highest put OI build-up is at 43,000.

FIN NIFTY has the highest call OI build-up at 19,500. The highest put OI build-up is at 19,000.

INDIA VIX  is at 12.6.

Foreign Institutional Investors net-bought shares worth Rs 800 crores. Domestic Institutional Investors also net-sold shares worth 2,200 crores.

Friday’s rally in the US markets helped in generating positive sentiments in our markets. There was positivity in the Asian markets as well. A buy on dip has happened in the market and the question now is: Can there be a rally to all-time high?

Bulls have taken the market from the low regardless of the condition in the global markets. We rallied when there was positivity and negativity in the US markets. And even when there was a big fall on Friday reversing the entire weekly candle, the markets are now higher than where they were.

Crude oil prices rose by 2% yesterday. But recovery is not even half of the fall in the prices from the recent top. 

There is no major data coming out today. However, the US inflation data will be out tomorrow.

Price action in NIKKEI looks favourable to bulls. There is a clear up-trend today. Keep an eye on HANG SENG as well.

Many might have bet on a last hour blast as there was consolidation at top. There is a saying 'never short flat market'. Do you think this pending up-move could come today?

I will watch 18,225 on the downside in NIFTY. 18,320 can be watched on the upside.

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