TCS Results Timing. Can Market Keep up the Bullish Surprise? - Pre-Market Analysis Report
What Happened Yesterday?
NIFTY started the day at 19,565 with a gap-up of 53 points. The index crossed the important resistance zone of 19,600 and gradually moved up throughout the day to 19,720 levels. Nifty closed at 19,689.85, up by 177 points or 0.91%.
BANK NIFTY started the day at 44,027 with a gap-up of 161 points. The index consolidated within a 70-point range till 12 PM. Then, BNF witnessed a short covering rally of 400 points on the upside. BNF closed at 44,360, up by 473 points or 1.08%.
U.S. markets closed in green. The European markets were well in green.
What to Expect Today?
Asian markets are in good green.
The U.S. Futures are trading flat.
GIFT NIFTY is trading in green at 19,792.
All the factors combined indicate a gap-up opening in the market.
NIFTY has supports at 19,640, 19,605 and 19,560. We can expect resistances at 19,720, 19,790 and 19,840.
BANK NIFTY has supports at 44,220, 44,150 and 43,960. Resistances are at 44,500, 44,600 and 44,800.
NIFTY has the highest call OI build-up at 20,000. The highest put OI buildup is at 19,600. PCR is bullish at 1.28.
BANK NIFTY has the highest call OI build-up at 44,000. The highest put OI buildup is at 44,500. PCR is bearish at 1.17.
Foreign Institutional Investors net-sold shares worth Rs 1,005 crores. Domestic Institutional Investors net-bought worth Rs 1,963 crores.
INDIA VIX is down to 11.27.
It was a crazy day yesterday in the market. Short sellers were overly aggressive over Monday night on FINNIFTY and then paid the price when the market rallied back up.
It was mostly this movement in FINNIFTY that pushed NIFTY into good green.
Premiums were going crazy in FINNIFTY, and even far away puts spiked. We will discuss the reasons and learnings from this in The Stock Market Show tonight.
It is the BANK NIFTY expiry today, and right now the market is very bullish. Puts are aggressively sold, especially in NIFTY.
TCS results will be coming out only after market hours - at 5:30 PM.
Expecting another positive day based on the current market setup. Since it is the expiry day in Bank Nifty and the day before IT results start pouring in, you can expect some volatility in the market.
Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades for the week. You can check out the marketfeed app or our website for trades!
Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!