NIFTY Opening Near All-Time High! Can it Rally? - Pre-Market Analysis Report

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!