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Will NIFTY Take a Pause? - Pre-Market Analysis Report

NIFTY closed at a fresh all-time high of 20,855, up by 168 points or 0.81%, driven by Adani stocks and ICICI Bank. All factors combined indicate a gap-up opening in the market today.

By Ajay Ajith2 min read
Will NIFTY Take a Pause? - Pre-Market Analysis Report

Key takeaways

  • NIFTY closed at a fresh all-time high of 20,855, up by 168 points or 0.81%, with Adani stocks and ICICI Bank contributing to the rise.
  • Foreign Institutional Investors net-bought shares worth Rs 5,223.51 crores, while Domestic Institutional Investors net-sold worth Rs 1,399 crores.
  • NIFTY has supports at 20,850, 20,800, and 20,720, with resistances expected at 20,900, 20,950, and 21,000.
  • BANKNIFTY showed strength yesterday, moving up nearly 800 points intraday, but started cooling towards the second half.
  • A comparatively small gap-up and call option selling in BANK NIFTY suggest an interesting expiry today.

What Happened Yesterday?

NIFTY started the day at 20,813 with a gap-up. After opening, there was a big fall till the last day’s high. From there, it bounced back to 20,850 and then fell again. Adani stocks and ICICI Bank helped NIFTY close at another fresh all-time high of 20,855, up by 168 points or 0.81%.

U.S. markets closed in the red(-0.22%). The European markets closed mixed.

What to Expect Today?

Asian markets are trading in the green.

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

GIFT NIFTY is trading in small green at 21,040.

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

NIFTY has supports at 20,850, 20,800 and 20,720. We can expect resistances at 20,900, 20,950 and 21,000.

BANKNIFTY has supports at 46,750, 46,600 and 46,400. We can expect resistances at 47,080, 47,200 and 47,500.

Foreign Institutional Investors net-bought shares worth Rs 5,223.51 crores. Domestic Institutional Investors net-sold worth Rs 1,399 crores.

INDIA VIX has increased to 13.46.

NIFTY’s rally into the open all-time high continues. The index has moved up nearly 600 points in the first two days of the week.

BANK NIFTY showed strength yesterday though, as expected. It moved up much more than the rest of the market, shooting up nearly 800 points intraday.

This week has been extremely bullish till now. But yesterday, BANK NIFTY started cooling towards the second half. There was a good call option selling happening in BANK NIFTY, as it closed around the 47k mark.

With this and the comparatively small gap-up, we will be seeing an interesting BANK NIFTY expiry today.

NIFTY still has some bullish moves left in it, including from Adani stocks. So do watch if this affects BNF.

Otherwise, the larger level I will watch out for is the 47,200 resistance in BNF. On the lower side, you can watch 46,700.

We will be modifying our NIFTY and BANK 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!

Frequently asked questions

What was NIFTY's closing value yesterday?

NIFTY closed at a fresh all-time high of 20,855 yesterday.

What are the key support levels for NIFTY today?

NIFTY has supports at 20,850, 20,800, and 20,720 today.

What are the key resistance levels for BANKNIFTY today?

BANKNIFTY can expect resistances at 47,080, 47,200, and 47,500 today.

Written by

Ajay Ajith

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