HDFC Bank Results Today. Will FINNIFTY hit All-Time High? - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the day with a gap-up of 22,036 at an all-time high. After jumping up 40 points, it fell back and took support at 21,980. The index slowly moved back up and even consolidated for multiple hours. With a fresh all-time high towards closing, NIFTY ended the day at 22,097, up by 203 points or 0.93%.

U.S. markets were closed for Martin Luther King Day. The European markets closed in the red.

What to Expect Today?

Asian markets are trading in the red.

The U.S. Futures are trading slightly in the red.

GIFT NIFTY is trading in the red at 22,101.

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

NIFTY has supports at 22,080, 21,980 and 21,930. We can expect resistances at 22,120, 22,200 and 22,300.

In NIFTY, one of the highest put OIs is at 22,000 and one of the highest call OIs is at 22,300. PCR is bullish at 1.50.

Foreign Institutional Investors net-bought shares worth Rs 1,085 crores. Domestic Institutional Investors net-bought shares worth Rs 820 crores.

INDIA VIX increased to 13.78.

Today is the FINNIFTY expiry for the week, and also the result day for HDFC Bank. A jump of nearly 30% in net profit and revenue is expected in the quarter. The stock gained nearly 2% yesterday.

FINNIFTY traders have been more cautious this week, with not much aggressive option-selling activity. Total calls and puts sold in the index are also balanced.

Reliance continued its rally to all-time highs(ATH). The midcap index also hit an all-time high yesterday.

In FINNIFTY, watch out for yesterday’s high and low as first support and resistance levels. From there, you should be getting an idea of the day’s move. I am not expecting a big downward move. 

FINNIFTY is also just 0.8% away from its ATH, so there is a possibility that it gets hit today!

NIFTY will likely take support at 22,000 going ahead.

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!