NIFTY to Open Flat. Can 22,000 be Held? - Pre-Market Analysis Report


What Happened Yesterday?

NIFTY started the day with a gap-down at 22,173 and moved up. Friday’s low was taken as a resistance, and the index fell back. After playing around the 22,100 zone, the index closed the day at 22,122, down by 90 points or 0.41%.

U.S. markets closed in the red. The European markets closed mixed.

What to Expect Today?

Asian markets are trading in the red.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in slight red at 22,119.

All the factors combined indicate a flat to gap-down opening in the market.

NIFTY has supports at 22,080, 22,020 and 21,955. We can expect resistances at 22,175, 22,250 and 22,300.

BANKNIFTY has supports at 46,470, 46,240 and 46,000. We can expect resistances at 46,700, 46,950 and 47,200.

FINNIFTY has supports at 20,600, 20,540 and 20,450. We can expect resistances at 20,650, 20,750 and 20,880.

In NIFTY, there is high call OI resistance at 22,500. There is a high put OI support at 22,000. PCR is bearish at 0.84.

In BANKNIFTY, there is high call OI resistance at 47,000. There is a high put OI support at 46,000 and 46,500. PCR is bearish at 0.73.

Foreign Institutional Investors net-sold shares worth Rs -285.15 crores. Domestic Institutional Investors net-sold shares worth Rs 5 crores.

INDIA VIX jumped to 15.6.

It looks like the markets are looking to consolidate after the crazy bullishness of the previous 2 weeks. The U.S. and India’s GDP numbers are also something that the market is looking at.

Because the Federal Reserve is not cutting interest rates immediately, everyone wants to know if the economy can still grow under these conditions. There are some important speeches from Fed members too.

FINNIFTY traders can expect the index to trade between 20,500 and 20,650, with more risk expected on the downside. But since VIX continues to be high, option sellers can play it more safe with further strikes. Optimise for profitability.

NIFTY closed the day exactly around the earlier all-time high of 22,125. GIFT NIFTY is showing a flat opening, so I would not be surprised if we see a bounce back up every time the market falls to yesterday’s lows. There is currently not much bearishness, but mostly consolidation in the market.

Watch for 22,000 - 22,200 in NIFTY for a larger direction this week.

We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!

All the best for the day!

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