Next Stop: 22,000 for NIFTY? - Pre-Market Analysis Report


What Happened on Friday?

NIFTY started Friday with a gap-up at 21,298 and briefly dipped. But since this opening was at an all-time high, there was huge buying interest. Multiple rounds of rally took the index up to 21,500 regions. NIFTY closed at 21,456, up by 274 points or 1.29%.

U.S. markets closed in the green(+0.15%). The European markets closed mixed.

What to Expect Today?

Asian markets are trading in the red.

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

GIFT NIFTY is trading in green at 21,486.

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

NIFTY has supports at 21,400, 21,360 and 21,290. We can expect resistances at 21,500, 21,550 and 21,600.

In NIFTY, the highest put OI is at 21,300 and the highest call OI is at 22,000. PCR is 1.46.

BANKNIFTY has supports at 47,965, 47,760 and 47,600. We can expect resistances at 48,200, 48,500 and 48,800.

In BANKNIFTY, the highest put OI is at 48,000 and also the highest call OI is at 49,000. PCR is 1.16.

FINNIFTY has supports at 21,470, 21,380 and 21,300. We can expect resistances at 21,560, 21,600 and 21,680.

In FINNIFTY, the highest put OI is at 21,400 and one of the highest call OI is at 21,600. PCR is 1.06.

On Friday, Foreign Institutional Investors net-bought shares worth Rs Rs 9,239 crores. Domestic Institutional Investors net-sold shares worth Rs 3,077 crores.

INDIA VIX is up to 13.12.

With the Federal Reserve in the U.S. holding interest rates steady on Wednesday night, the market started rallying to fresher highs. 

We had said that when the Dow hits a fresh all-time high, the 21k mark will be a piece of cake for NIFTY. And that is exactly what happened. 

While the U.S. market cooled out on Friday, ours closed at another all-time high.

On Friday, the silent player pushing the market up was IT stocks. The IT index hit a 20-month high, with a 4.5% intraday rally.

Bets are forming for this week's expiry, but for now, it looks like bulls are still confident. NIFTY’s high put selling indicates that in the next 2 weeks, even 22,000 is in the grabs.

Today, the focus will be on FII-heavy stocks including old-time favourites Bajaj Finance, HDFC Bank and  Infosys. PSU Bank rally is also expected to continue.

We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on 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!

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