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Global Markets in Green. Can NIFTY Hit 22k Today? - Pre-Market Analysis Report
NIFTY closed at 21,894 on Friday, up by 247 points or 1.14%, after hitting fresh all-time highs. Asian markets are trading in the green, and GIFT NIFTY is also in the green at 22,047, indicating a potential gap-up opening.
Key takeaways
- NIFTY closed at 21,894 on Friday, up by 247 points or 1.14%, after a gap-up opening and hitting fresh all-time highs.
- Asian markets are trading in the green, and GIFT NIFTY is trading in green at 22,047, suggesting a gap-up opening for the market.
- NIFTY has supports at 21,850, 21,750, and 21,680, with resistances expected at 21,930, 22,000, and 22,100.
- Last week, Foreign Institutional Investors net-sold shares worth Rs 3,900 crores, while Domestic Institutional Investors net-bought shares worth Rs 6,857 crores.
- IT stocks, particularly Infosys, significantly contributed to Friday's rally, with the IT index gaining 5.14%.
What Happened Yesterday?
NIFTY started Friday with a gap-up at 21,789 and initially fell. But soon it bounced back and hit fresh all-time highs. The market did not stop and kept on going up. NIFTY closed at 21,894, up by 247 points or 1.14%.
U.S. markets closed in the red. The European markets 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 green at 22,047.
All the factors combined indicate a gap-up opening in the market.
NIFTY has supports at 21,850, 21,750 and 21,680. We can expect resistances at 21,930, 22,000 and 22,100.
In NIFTY, one of the highest put OIs is at 21,800 and one of the highest call OIs is at 22,300. PCR is bullish at 1.40.
Last week, Foreign Institutional Investors net-sold shares worth Rs 3,900 crores. Domestic Institutional Investors net-bought shares worth Rs 6,857 crores.
INDIA VIX slightly increased to 13.10.
Friday was a crazy rally day in the market, mostly pushed up by IT stocks. Infosys alone contributed almost 100 points to NIFTY. The IT index gained 5.14%.
The bearish traders got caught in the rally on Friday, as the market kept on moving up without any forgiveness.
On Friday, Reliance and Tata Motors silently kept on moving to fresh all-time highs. IndusInd Bank also hit a fresh 52-week high.
The market is moving with earnings in focus currently. Even today, Wipro ADR (share equivalent in the U.S.) was trading 16% up, and hence we can expect a rally in the stock.
HDFC Bank results are out tomorrow. Do keep an eye out for the stock’s moves today near market close.
In a larger sense, NIFTY looks to be ready to touch the 22k mark very soon. Last week’s low of 21,458 can be looked at as strong support going ahead.
Results season + Union Budget in 2 weeks. January is going to be a crazy ride! Let’s hope the VIX jumps back up to 14-15 to reflect the volatility.
We will be modifying our NIFTY and BANKNIFTY 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!
Frequently asked questions
How did NIFTY perform yesterday?
NIFTY started Friday with a gap-up at 21,789, initially fell, then bounced back to hit fresh all-time highs, closing at 21,894, up by 247 points or 1.14%.
What are the support and resistance levels for NIFTY today?
NIFTY has supports at 21,850, 21,750, and 21,680, and resistances are expected at 21,930, 22,000, and 22,100.
What was the activity of Foreign and Domestic Institutional Investors last week?
Last week, Foreign Institutional Investors net-sold shares worth Rs 3,900 crores, while Domestic Institutional Investors net-bought shares worth Rs 6,857 crores.
Written by
Ajay AjithRelated reads
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