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NIFTY ended yesterday at 24,572, up 31 points or 0.13%, with U.S. and European markets closing in the green. Today's market is expected to have a flat opening, with key support and resistance levels identified for NIFTY and BANKNIFTY.
Key takeaways
- NIFTY ended yesterday at 24,572, up 31 points or 0.13%, after a gap-up opening and a subsequent 100-point fall.
- U.S. and European markets closed in the green, and Asian markets are mostly in the green today, with Japan at +1.65%.
- A flat opening is indicated for the market today, with GIFT NIFTY trading flat at 24,636, up by 26 points.
- NIFTY has supports at 24,520, 24,480, and 24,320, and resistances at 24,600, 24,655, and 24,760.
- Investors are awaiting indications from the FOMC minutes and Jackson Hole Symposium regarding potential interest rate reductions by the Federal Reserve.
What Happened Yesterday?
NIFTY started with a gap-up at 24,636 and moved down. After a 100-point fall, the index bottomed out and gave a sideways move through the rest of the day. NIFTY ended the day at 24,572, up 31 points or 0.13%.
U.S. markets closed in the green. European markets also closed in green.
What to Expect Today?
Asian markets are trading mostly in the green, with Japan at +1.65%.
The U.S. Futures are trading flat(-0.03%).
GIFT NIFTY is trading flat at 24,636, up by 26 points.
All the factors combined indicate a flat opening in the market.
NIFTY has supports at 24,520, 24,480 and 24,320. We can expect resistances at 24,600, 24,655 and 24,760,
BANKNIFTY has supports at 50,290, 50,155 and 49,850. We can expect resistances at 50,440, 50,700, 50,800 and 50,920.
In NIFTY, there is high call OI resistance at 24,600. There is also good put OI support at 24,500. PCR is at 0.99, neutral.
In BANKNIFTY, there is high call OI resistance at 50,500. There is also good put OI support at 50,000. PCR is at 0.76, bearish.
Foreign Institutional Investors net-sold shares worth Rs -2,667 crores. Domestic Institutional Investors net-bought shares worth Rs 1,802 crores.
INDIA VIX fell to 14.31.
Our Indian markets have been on a recovery rally after the fall of August 5. But the moves rhymed with the U.S. market, which closed in green for 8 days in a row.
And even yesterday, they closed in green. Investors are expecting that the Federal Reserve may soon start reducing interest rates.
To know that, we may get an indication tonight from the FOMC minutes and Jackson Hole Symposium. Be tuned in for tomorrow’s report!
But for today, we have clear levels to watch out for in NIFTY with a slightly positive bias.
FINNIFTY has not moved up along with the rest of the market. Yesterday’s high being broken could result in another 100-point rally. IT index is again looking for an all-time high breakout!
We are continuing our NIFTY and BANKNIFTY trades today. You can check out the marketfeed app for updates!
All the best for the day!
Frequently asked questions
How did NIFTY perform yesterday?
NIFTY started with a gap-up at 24,636, moved down, and after a 100-point fall, bottomed out to end the day at 24,572, up 31 points or 0.13%.
What are the key resistance levels for NIFTY today?
NIFTY can expect resistances at 24,600, 24,655, and 24,760.
What is the PCR for NIFTY and BANKNIFTY?
The PCR for NIFTY is at 0.99, which is neutral, and for BANKNIFTY, it is at 0.76, which is bearish.
What are investors expecting from the Federal Reserve?
Investors are expecting that the Federal Reserve may soon start reducing interest rates, with indications possibly coming from tonight's FOMC minutes and the Jackson Hole Symposium.
Written by
Ajay AjithRelated reads
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