GIFT NIFTY in Green Following Global Markets. Can NIFTY Sustain? - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the special trading day on Saturday with a gap-up near 21,700. It was another strong red candle day, as the market consistently moved down. By 3 PM, it even crossed the previous day-low and fell. NIFTY ended the day at 21,571, down by 50 points or 0.23%.

U.S. markets closed in the green. The European markets also closed in the green.

What to Expect Today?

Asian markets are trading in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in the green at 21,773.

All the factors combined indicate a gap-up opening in the market.

NIFTY has supports at 21,580, 21,480 and 21,400. We can expect resistances at 21,690, 21,750 and 21,800.

In NIFTY, one of the highest put OIs is at 21,500 and one of the highest call OIs is at 21,700. PCR is bearish at 0.73.

FINNIFTY has supports at 20,450, 20,375 and 21,250. We can expect resistances at 20,610, 20,750 and 20,850.

In FINNIFTY, one of the highest put OIs is at 21,500 and one of the highest call OIs are at 21,700 and 21,800. PCR is bearish at 0.58.

Last week, Foreign Institutional Investors net-sold shares worth Rs -22,972 crores. Domestic Institutional Investors net-bought shares worth Rs +10,623 crores.

INDIA VIX increased to 13.80.

The market saw heavy selling by FIIs last week, especially in HDFC Bank. Smaller stocks, even banking ones like PNB were not much affected. The midcap index hit an all-time high on Saturday.

The Dow Jones index in the U.S. has closed at its All-Time high for the second day in a row, so there is global positivity. If you join the last 2 points, you will start to see that it was just a regular fall last week without considering HDFC Bank.

Domestically, ICICI BANK posted amazing results on Friday and is waiting for a breakout in the daily chart.

GIFT NIFTY is indicating a good gap-up for the day. 

The next things to watch out for are Axis Bank results today for the FINNIFTY, and the U.S. GDP data on Thursday night. Don’t forget the Budget 2024 Announcement on Feb 1.

Expecting a good morning move in NIFTY with the gap-up opening, hopefully even touching 21,780. 

We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on the 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!