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NIFTY Opening Near All-Time High! Can it Rally? - Pre-Market Analysis Report
NIFTY is expected to open with a gap-up near its all-time high, supported by positive U.S. Futures and GIFT NIFTY trading in green. However, the rally is occurring with underperformance from key stocks like HDFC and Kotak Bank.
Key takeaways
- NIFTY ended yesterday at 22,648, up by 43 points or 0.19%.
- GIFT NIFTY is trading in green at 22,879, indicating a gap-up opening for NIFTY.
- NIFTY has supports at 22,600, 22,510 and 22,350, and resistances at 22,710, 22,780 and 22,900.
- Foreign Institutional Investors net-sold shares worth Rs 964 crores, while Domestic Institutional Investors net-bought shares worth Rs 1,352 crores.
- INDIA VIX has increased 25% this week to 13.44.
What Happened Yesterday?
NIFTY started yesterday flat at 22,582 and shot up. The market traded in a tight 80-point range from there. NIFTY ended the day at 22,648, up by 43 points or 0.19%.
U.S. markets closed in green. The European markets closed mixed.
What to Expect Today?
Asian markets are trading mixed.
The U.S. Futures is trading in green after Apple results.
GIFT NIFTY is trading in green at 22,879, up by 100 points.
All the factors combined indicate a gap-up opening in the market.
NIFTY has supports at 22,600, 22,510 and 22,350. We can expect resistances at 22,710, 22,780 and 22,900.
Foreign Institutional Investors net-sold shares worth Rs 964 crores. Domestic Institutional Investors net-bought shares worth Rs 1,352 crores.
INDIA VIX has increased 25% this week to 13.44.
GIFT NIFTY indicates an opening near the all-time high(ATH) for NIFTY. The index could break this zone since BANK NIFTY is also trading near the all-time.
Just remember that this rally is with the underperformance of stocks including HDFC and Kotak Bank. Auto, midcap and smallcap indices are among the ones at ATH.
There is a 270-point straddle being formed at 22,700. Do watch out if the OI here increases over the day today.
Titan and Britannia are coming out with their results today.
We will be entering fresh NIFTY trades and continuing our BANKNIFTY trades today. You can check them out on the marketfeed app or our website!
All the best for the day!
Frequently asked questions
What was NIFTY's performance yesterday?
NIFTY started yesterday flat at 22,582 and ended the day at 22,648, up by 43 points or 0.19%.
What are the key support and resistance levels for NIFTY today?
NIFTY has supports at 22,600, 22,510 and 22,350, and resistances at 22,710, 22,780 and 22,900.
How did institutional investors trade yesterday?
Foreign Institutional Investors net-sold shares worth Rs 964 crores, while Domestic Institutional Investors net-bought shares worth Rs 1,352 crores.
Which companies are releasing their results today?
Titan and Britannia are coming out with their results today.
Written by
Ajay AjithRelated reads
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