RELIANCE Near All-Time High! Can Bulls Sustain? - Pre-Market Analysis Report

What Happened yesterday?

NIFTY started the day flat at 21,367 and bounced up. It moved up and consolidated near the day high of 21,470. The consolidation was around the same zone till the end of the day. NIFTY closed at 21,441, up by 92 points or 0.43%.

U.S. markets closed in the green. The European markets were closed for Christmas weekend.

What to Expect Today?

Asian markets are trading in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in slight green at 21,540.

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

NIFTY has supports at 21,400, 21,340 and 21,250. We can expect resistances at 21,500, 21,600 and 21,700.

BANKNIFTY has supports at 47,600, 47,440 and 47,200. We can expect resistances at 47,840, 48,000 and 48,200.

In NIFTY, the highest put OI is at 21,300 and one of the highest call OI is at 21,500. PCR is bullish at 1.18.

In BANKNIFTY, the highest put OI is at 47,500 and one of the highest call OI is at 48,000. PCR is bullish at 1.07.

Foreign Institutional Investors net-sold shares worth Rs 95 crores. Domestic Institutional Investors net-bought shares worth Rs 167 crores.

INDIA VIX went up to 14.67.

There was good consolidation for the FINNIFTY expiry, with the index trading only in a 90-point zone.

It is the monthly expiry in the market tomorrow, and hence there is no BANKNIFTY expiry today. Both NIFTY and BANKNIFTY will be having their expiries tomorrow.

If you have a watch out for the high and low of BANKNIFTY from yesterday, you will understand that these are very important levels for the index. These levels need to be watched for today and tomorrow. 

Otherwise, NIFTY has strongly recovered from last Wednesday’s fall. And all indices are once again very close to the all-time highs.

Even Reliance is very close to its 52-week high! Keep it in your watchlist!

All the best for your trades today!

We will be modifying our 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!