NIFTY Opening Flat. Fed Reserve Meeting Tomorrow! - Pre-Market Analysis Report


What Happened on Friday?

NIFTY started the day flat at 20,930 and went up to the 21k level. From there, it moved back down to Thursday’s low. There was a sharp recovery after 1:30 PM. NIFTY closed at 20,969, up by 68 points or 0.33%.

U.S. markets closed in the green(+0.36%). The European markets closed in the green.

What to Expect Today?

Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in small red at 21,073.

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

NIFTY has supports at 20,950, 20,850 and 20,800. We can expect resistances at 20,950, 21,000 and 21,100.

In NIFTY, the highest put OI is at 19,900 and the highest call OI is at 21,100. PCR is 0.96.

BANKNIFTY has supports at 47,200, 46,950 and 46,500. We can expect resistances at 47,300, 47,500 and 47,800.

In BANKNIFTY, the highest put OI is at 47,000 and one of the highest call OI is at 47,500. PCR is 1.24.

Both institutions were net buyers last week. Foreign Institutional Investors net-bought shares worth Rs +9,285 crores. Domestic Institutional Investors net-bought worth Rs 4,296 crores.

INDIA VIX is at 12.46.

NIFTY traded below and took resistance at the 21,000 level. As we have discussed, this is an important psychological level for the next day.

RBI also affirmed on Friday that the repo rates are being held at the same level for another few months. This and the U.S. Fed holding their rates will definitely interest institutional investors to invest in the market.

Dow Jones is back to its 52-week high level on Friday. 

There is an important Federal Reserve meeting tomorrow and the day after. This will reveal more details about the last rate hike of the year. The general expectation is that there will be no rate hike.

So what is going to change? The market and traders are follow this event to see if rate cuts are going to be enacted in March.

If this does happen, then the market is all set for further positiveness. Let’s wait for the minutes of the meeting!

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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