Infosys ADR Falls in New York. NIFTY at Important Level - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the day at 19,822 with a small gap-up of 11 points. Right from opening, the index moved in a 75-point range between 19,770 and 19,845. Nifty closed at 19,794, down by 17 points or 0.09%.

BANK NIFTY started the day at 44,571 with a gap-up of 55 points. Throughout the day, the index consolidated in just a 110-point range between 44,550 and 44,660. BNF closed at 44,599, up by 82 points or 0.18%.

U.S. markets closed in the red. The European markets were mixed.

What to Expect Today?

Asian markets are in trading in the red.

The U.S. Futures are trading slightly in the green(+0.10%).

GIFT NIFTY is trading in green at 19,689.

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

NIFTY has supports at 19,790, 19,720 and 19,640. We can expect resistances at 19,840, 19,870 and 19,950.

BANK NIFTY has supports at 44,520, 44,220 and 43,960. Resistances are at 44,600, 44,800 and 44,900.

Foreign Institutional Investors net-sold shares worth Rs 1,862 crores. Domestic Institutional Investors net-bought worth Rs 1,532.08 crores.

INDIA VIX is down to 10.61.

NIFTY also gave a proper consolidating expiry. So the week started with a lot of volatility with the gap-down on Monday and the sharp pullback on Tuesday and Wednesday. And now it looks to be in a mood to consolidate.

TCS results came out in a non-exciting way and got punished by the market. Yesterday, Infosys results came out and ended up pulling the INFY ADR in New York down by 7%.

The stock is expected to open with a gap-down today.

The U.S. CPI came out at 3.7%, the same as the previous month but higher than expectations. This pushed the U.S. markets down by 0.5% yesterday.

NIFTY has a good support and resistance level nearby at 19,720 and 19,840. After this, the levels to watch out for will be 19,600-20,000

Let us see if today and tomorrow will stay within the first support and resistance levels. Trade well!

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!