NIFTY to Open Flat. Markets Waiting for U.S. Jobs Data - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started with a gap-down at 24,320 and moved down. After a 100-point fall, the index rallied 260 points and touched its highest level since Aug 2. The rest of the day saw a fall and consolidation. NIFTY ended the day at 24,347, down 20 points or 0.08%.

U.S. markets closed mixed. European markets closed mixed.

What to Expect Today?

Asian markets are trading mostly mixed, with Japan in 2% green.

The U.S. Futures are trading in the green(+0.14%).

GIFT NIFTY is trading flat at 24,332, down by 14 points.

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

NIFTY has supports at 24,340, 24,200 and 24,080. We can expect resistances at 24,480, 24,595 and 24,650.

BANKNIFTY has supports at 50,445, 50,170 and 50,000. We can expect resistances at 50,700, 50,800 and 50,920.

In NIFTY, there is high call OI resistance at 24,500. There is also good put OI support at 24,300. PCR is at 0.79, bearish.

In BANKNIFTY, there is high call OI resistance at 51,000. There is also good put OI support at 50,000. PCR is at 0.99, neutral.

Foreign Institutional Investors net-sold shares worth Rs -4,680 crores. Domestic Institutional Investors net-bought shares worth Rs 4,477 crores.

INDIA VIX increased to 15.86.

The entire last week, NIFTY traded in a 500-point zone between 23,920 and 24,420. Yesterday, it gave a brief breakout above the resistance zone. 

U.S. Jobs data is coming out tomorrow night, and the markets are watching for that. Bad data caused a panic in the market week.

The 24,650 level would need to be considered an important resistance this week. Breaking this will indicate a trend reversal to bullish.

Options traders are playing it safe, with the higher VIX giving better premiums. Your trading strategy should also be cautious for the week.

We are continuing our NIFTY and BANKNIFTY trades today. You can check out the marketfeed app or our website for updates!

All the best for the day!