Green Opening in NIFTY! 23,500 Loading? - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started yesterday with a gap-up at 23,330 and moved up to fresh all-time highs. It later consolidated in a 60-point zone. After 2 PM, it started falling and moved back to the opening levels. NIFTY ended the day at 23,323, up by 58 points or 0.25%.

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

What to Expect Today?

Asian markets are trading mostly in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in green at 23,446, up by 80 points.

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

NIFTY has supports at 23,200, 23,100 and 23,000. We can expect resistances at 23,310, 23,400 and 23,500.

BANKNIFTY has supports at 49,680, 49,500 and 49,300. We can expect resistances at 50,000, 50,100 and 50,250. 

In NIFTY, there is high call OI resistance at 23,500 and 23,400. Put sellers are active at 23,000 and 23,200. PCR is 0.89, indicating slight bearishness.

Foreign Institutional Investors net-bought shares worth Rs 426 crores. Domestic Institutional Investors net-bought shares worth Rs 233 crores.

INDIA VIX cooled down slightly to 14.38.

Just before the market opened yesterday, GIFT NIFTY rallied up and gave us a gap-up opening. And some of that volatility was seen as BNF hit crossed 50k in the first hour of trade.

Still the markets closed flat as they were expecting important data from the U.S. And now it’s out!

Inflation data was better than expected, but markets cooled down when Fed announced they expect only a single rate cut this year.

Still, NASDAQ and S&P500 continued on their all-time high runs mostly following Apple. But looking at how Accenture stock performed, I would not expect those gains in our IT stocks today.

For NIFTY’s expiry today, I think a larger push towards fresh highs is what we will see. There might be a tendency for the market to move up through gap-ups and slow intraday movements.

I would watch 23,400 and 23,500 on the upper side. And if the trend is to reverse, keep an eye on the levels of 23,150 and 22,950.

We will be entering fresh BANKNIFTY trades today. You can check out our marketfeed app or our website for new trades!

All the best for the day!