HDFC Bank ADR up 3%. GIFT NIFTY Indicates Gap-up! - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started yesterday at 21,839 with a gap-down and took support. Overall, it was a short covering day in the market. A rally of more than 400 points was seen from the day-low. NIFTY ended the day at 22,147, up by 151 points or 0.69%.

U.S. markets closed mixed. The European markets closed mixed.

What to Expect Today?

Asian markets are trading in the green.

The U.S. Future is trading in green.

GIFT NIFTY is trading in green at 22,286.

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

NIFTY has supports at 22,080, 22,000 and 21,900. We can expect resistances at 22,210, 22,280 and 22,440.

BANKNIFTY has supports at 47,400, 47,200 and 47,000. We can expect resistances at 47,800, 47,900 and 48,080.

On Friday, Foreign Institutional Investors net-bought shares worth Rs 129 crores. Domestic Institutional Investors net-sold shares worth Rs 52 crores.

INDIA VIX increased to 13.45.

Friday was a proper short-covering rally in the Indian markets.

And with the Israel-Iran issue not escalating further, Asian markets are back in the green. GIFT NIFTY is also indicating a 170-point gap-up opening.

HDFC Bank results came out last day, and the U.S. ADRs show a 3% increase. Let us see how the stock reacts in the market today.

Reliance is also expected to release its Q4 results after market hours today.

There is high call OI interest at 48,000 in BANKNIFTY. Do watch out for this.

So things to watch out for today:

1. Reaction to HDFC Bank results
2. Gap-up indicated by GIFT NIFTY
3. Reliance results
4. FIIs becoming small net buyers on Friday

I will continue investing in tranches into the index, just like we discussed last day. 

We will be continuing our NIFTY trades and BANKNIFTY trades today. You can check out our trades on the marketfeed app or our website!

All the best for the day!