Fresh All-Time High Today in NIFTY? - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started the day with a gap-up at 21,923 and moved down. It took support at the 21,800 mark and then consolidated for a while. A breakout was attempted at 1:30PM along with the European market but resistance was found. NIFTY closed the day at 21,910, up by 70 points or 0.32%.

U.S. markets closed in green. The European markets also closed in the green.

What to Expect Today?

Asian markets are trading in green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in green at 22,080.

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

NIFTY has supports at 21,800, 21,690 and 21,640. We can expect resistances at 21,955, 22,080 and 22,120[all-time high].

BANKNIFTY has supports at 46,000, 45,840 and 45,560. We can expect resistances at, 46,240, 46,500 and 46,950.

Foreign Institutional Investors net-sold shares worth Rs 3,064 crores. Domestic Institutional Investors net-bought shares worth Rs 2,276.93 crores.

INDIA VIX cooled to 15.22.

The NIFTY expiry today went as we expected in yesterday’s premarket report - volatile with a possibility of breakout, but not allowed to. Option sellers kept the index under 22k, and it gave a rangebound move, and could not break out 21,955 level yesterday.

HDFC Bank contributed the most to NIFTY with a 2% move. BANKNIFTY and FINNIFTY are also moving up from their 200-EMA support levels.

And today is expected to be a major green day for the market. Without the confines of the weekly expiries, the indices can flex their muscles. The U.S. markets are showing extreme bullishness, almost reaching back to all-time highs. There were mid-week falls due to inflation concerns but that seems to be gone now.

Hoping that the market can give a good breakout today!

Check out this video to understand what options buyers, and sellers can do in such a volatile market.

We will be entering new NIFTY trades and modifying our BANK NIFTY trades today. You can check out our trades on the 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!