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NIFTY and BANKNIFTY Expiry Today! Will Bears Attack? - Pre-Market Analysis Report

NIFTY ended yesterday down 208 points at 24,139, with a flat opening expected today. Both NIFTY and BANKNIFTY are facing expiry today, with high volatility anticipated.

By Ajay Ajith2 min read
NIFTY and BANKNIFTY Expiry Today! Will Bears Attack? - Pre-Market Analysis Report

Key takeaways

  • NIFTY ended yesterday at 24,139, down 208 points or 0.85%, after starting flat and moving down.
  • A flat opening is indicated for today's market, with Asian markets trading mostly mixed and U.S. Futures trading flat.
  • NIFTY has supports at 24,080, 24,980 and 24,900, and resistances at 24,195, 24,340 and 24,480.
  • BANKNIFTY has supports at 49,680, 49,300 and 48,900, and resistances at 50,700, 50,800 and 50,920.
  • Both NIFTY and BANKNIFTY have very bearish PCRs at 0.52 and 0.54 respectively, with high call OI resistance and good put OI support.

What Happened Yesterday?

NIFTY started flat at 24,359 and moved down. The opening level remained the highest level, throughout the day. An extra 100-point fall was seen after breaking Monday’s low. NIFTY ended the day at 24,139, down 208 points or 0.85%.

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

What to Expect Today?

Asian markets are trading mostly mixed.

The U.S. Futures are trading flat(-0.06%).

GIFT NIFTY is trading flat at 24,193, up by 29 points.

All the factors combined indicate a flat opening in the market.

NIFTY has supports at 24,080, 24,980 and 24,900. We can expect resistances at 24,195, 24,340 and 24,480.

BANKNIFTY has supports at 49,680, 49,300 and 48,900. We can expect resistances at 50,700, 50,800 and 50,920.

In NIFTY, there is high call OI resistance at 24,300 and above. There is also good put OI support at 24,000. PCR is at 0.52, very bearish.

In BANKNIFTY, there is high call OI resistance at 51,500. There is also good put OI support at 49,000. PCR is at 0.54, very bearish.

Foreign Institutional Investors net-sold shares worth Rs -2,107 crores. Domestic Institutional Investors net-bought shares worth Rs 1,239 crores.

INDIA VIX increased to 16.16.

NIFTY gave a breakdown below the levels we discussed yesterday, and did not recover. A large part was contributed by HDFC Bank and BANKNIFTY’s bearishness.

Tonight, we will be seeing inflation data from the U.S. being published. This will help the market players understand how much the interest rates can get cut in September.

India’s inflation data was indeed positive on Monday.

NIFTY is back to bear territory, playing very near the 24k mark. And with today being the expiry for both NIFTY and BANKNIFTY, volatility is a given.

The higher VIX and inflation data from the U.S. tonight will not let the market move up today. Keep watching the levels we have talked about above while making your trading decisions.

The Bank index is near support ranges, where it was trading in the first half of June. You can find some good trades if these levels are broken, but they will be strong.

We are continuing our NIFTY and BANKNIFTY trades today. You can check out the marketfeed app or our website for updates!

All the best for the day!

Frequently asked questions

What was NIFTY's performance yesterday?

NIFTY started flat at 24,359, moved down, and ended the day at 24,139, down 208 points or 0.85%.

What is the expected market opening today?

A flat opening is expected in the market today, indicated by mostly mixed Asian markets and flat U.S. Futures.

What are the key support and resistance levels for NIFTY today?

NIFTY has supports at 24,080, 24,980 and 24,900, and resistances at 24,195, 24,340 and 24,480.

What are the key support and resistance levels for BANKNIFTY today?

BANKNIFTY has supports at 49,680, 49,300 and 48,900, and resistances at 50,700, 50,800 and 50,920.

Written by

Ajay Ajith

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