NIFTY to Open at All-Time High! - Pre-Market Analysis Report

What Happened on Friday?

NIFTY started the day flat at 20,965 and went up briefly above the 21k mark. But after initial rejection, the index traded in a 60 point range between 20,950-21,010 for the rest of the day. NIFTY closed at 20,997, up by 27 points or 0.13%.

U.S. markets closed in the green(+0.43%). The European markets closed mixed.

What to Expect Today?

Asian markets are trading in the green.

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

GIFT NIFTY is trading in green at 21,143.

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

NIFTY has supports at 20,950, 20,850 and 20,800. We can expect resistances at 20,950, 21,010 and 21,100.

In NIFTY, the highest put OI is at 19,900 and the highest call OI is at 21,100. PCR is 0.92.

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 47,500 and also the highest call OI is at 47,500. PCR is 1.16.

FINNIFTY has supports at 21,185, 21,100 and 21,060. We can expect resistances at 21,250, 21,320 and 21,350.

In FINNIFTY, the highest put OI is at 21,000 and one of the highest call OI is at 21,400. PCR is 0.91.

Foreign Institutional Investors net-bought shares worth Rs +1,261 crores. Domestic Institutional Investors net-bought worth Rs 1,034 crores.

INDIA VIX is up to 12.75.

The U.S. markets gave a breakout to fresh 2023 highs ahead of Consumer Price Inflation data today. The market is hoping for lower inflation, which could trigger an interest rate cut in the coming months.

Our market is also signalling it would open at a fresh all-time high.

The only question now is, can FININIFTY and BANKNIFTY break out of their bearish price action from yesterday and play along with NIFTY’s positivity?

For FINNIFTY expiry today, I expect the index would trade between 21,100 and 21,400. You can plan your trades based on the premiums at the opening.

Infosys ADRs in the U.S. signal a 2% gap-down as its CFO Nilanjan Roy resigned. You can watch for a gap down and then move back up.

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!