Global Markets in Green & HDFC Bank Results - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the day at 19,737 with a small gap-down of 14 points. The index moved up to the 19,780 resistance zone and consolidated between 19,730 and 19,780 (a 50-point range) for most part of the day. NIFTY closed at 19,731, down by 19 points or 0.1%.

BANK NIFTY (BNF) started the day at 44,204 with a gap-down of 87 points. After falling and taking support at 44,045 levels, the index rose nearly 310 points to 44,350 levels. After 11:30 AM, BNF consolidated with a negative bias to close at 44,225, down by 62 points or 0.14%.

U.S. markets closed flat in green(+0.9%). The European markets were in the green.

What to Expect Today?

Asian markets are trading in the green.

The U.S. Futures are trading slightly flat.

GIFT NIFTY is trading in green at 19,805.

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

NIFTY has supports at 19,720, 19,640 and 19,560. We can expect resistances at 19,790, 19,840 and 19,870.

BANK NIFTY has supports at 44,220, 43,960 and 43,840. Resistances are at 44,520, 44,600 and 44,800.

FINNIFTY has supports at 19,800, 19,733 and 19,700. Resistances are at 19,900, 20,000 and 20,120.

FINNIFTY has highest calls sold at 20,000. The highest puts are sold at 19,500 and 19,800. PCR is bearish at 0.79.

Foreign Institutional Investors net-sold shares worth Rs -593.66 crores. Domestic Institutional Investors net-bought worth Rs 1,184 crores.

INDIA VIX is up to 11.07.

Market gave a good consolidating Monday. Still the levels to watch out for the week have not been broken 19,720 - 19,840.

HDFC Bank results came out after market hours, and profits went up 50% YoY. 

Non-Performing Assets have increased quite a bit, due to the calculation changes after the merger. But most of this was already expected after the historic merger with HDFC.

We will be seeing the Bajaj Finance results also coming out today. All this with the FINNIFTY expiry will be creating a lot of volatility in the index today.

The impact of these results along with the premium moves that we saw last Tuesday, will definitely cause a fear for retailers.

Leave the first 10 minutes to HDFC Bank to give a move. If the market stabilises in this time, it would be a good time to enter a trade. 

Meanwhile keep an eye on NIFTY’s immediate levels also!

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades for the week. You can check out the marketfeed app or our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!