No Further Cues. NIFTY to Open in Green - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started yesterday flat at 23,321 and touched a fresh all-time high. The level of 23,400 was hit and then the index started seeing profit booking. This was followed by sideways movements till 2 PM, and then a last-hour fall. NIFTY ended the day at 23,259, down by 30 points or 0.13%.

U.S. markets closed in slight green. The European markets closed in red.

What to Expect Today?

Asian markets are trading mixed.

The U.S. Futures are trading in slight red.

GIFT NIFTY is trading in green at 23,282, up by 40 points.

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

NIFTY has supports at 23,250, 23,100 and 23,000. We can expect resistances at 23,310, 23,400 and 23,500.

BANKNIFTY has supports at 49,680, 49,300 and 48,900. We can expect resistances at 49,915, 50,000 and 50,250. 

FINNIFTY has supports at 22,095, 22,000 and 21,900. We can expect resistances at 22,200, 22,300 and 22,500. 

In NIFTY, there is high call OI resistance at 23,500. Put sellers are active at 23,000. PCR is 0.82, indicating bearishness.

In BANKNIFTY, there is high call OI resistance at 50,000. Put sellers are active at 49,000. PCR is 0.68, indicating bearishness.

Foreign Institutional Investors net-bought shares worth Rs 2,572 crores. Domestic Institutional Investors net-bought shares worth Rs 2,764 crores.

INDIA VIX cooled down to 16.39.

The market has now cooled down and entered a temporary consolidation zone. The moves above the all-time high from here could only be with gap-ups. 

But today doesn’t look to be that day. NIFTY will be opening nearly flat, and is expected to be in a sell-on-rise mode like yesterday.

For the FINNIFTY expiry, any move outside 22,100-22,300 has the potential to be big. I am expecting a trading range mostly inside it.

On NIFTY,  23,150 is the max pain for the week. It could get attracted to this region.

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All the best for the day!