In a High VIX, Can Finififty Consolidate? – Report on Pre-Market Analysis


About Yesterday

NIFTY opened the day gap-up at 22,107 and then began to decline. By 10 AM, it had reversed back up and remained over the 22k mark. The index quickly reached a new all-time high and continued to rise. NIFTY gained 81 points, or 0.37%, to end the day at 21,122.

Yesterday was a holiday for US markets. The markets in Europe closed flat.


The majority of trade in Asian markets is in red.

The US Futures are moving little lower right now.

At 22,142, the GIFT NIFTY is trading down.

When taken as a whole, the indicators point to a flat to gap-down market opening.

The supports for NIFTY are at 22,080, 22,020, and 21,955. Resistances are likely to be found at 22,150, 22,200, and 22,250.

Supports for BANKNIFTY are at 46,470, 46,240, and 46,000. Resistances are likely to be found at 46,700, 46,950, and 47,100.

The supports for FINNIFTY are at 20,450, 20,375, and 20,250. Resistances are likely to be found at 20,610, 20,750, and 20,800.

The high call OI resistance in NIFTY is located at 22,100. The OI support is high, at 22,000. At 1.19, PCR is bullish.

There is a high call OI resistance in BANKNIFTY at 46,500. At 46,000, there is a substantial put OI support. At 1.17, PCR is bullish.

There is a high call OI resistance in FINNIFTY at 20,800. At 20,300, there is a high put OI support. At 1.01, PCR is bullish.

A net of Rs 754 crores worth of shares were sold by foreign institutional investors. National Institutional Investors purchased shares for a net total of Rs 452 crores.

VIX INDIA increased to 16.01.

Yesterday saw the NIFTY finally break over the record high. However, if you examine the daily chart closely, you will see that a long has formed at the top and that the closure was slightly below the 22,125 level.

In order to verify that the market may advance to its next level of 22,500, one more day of strength is required.

Given that GIFT NIFTY is flat, it is unlikely that NIFTY will easily gap up and surge. The first twenty minutes of each day will be crucial.

Each and every positional player is traded “safe” for the FINNIFTY expiration. Because there aren’t any significant OI buildups at the current levels, sellers are feeling more assured.

Given the current state of affairs, it wouldn’t surprise me if FIIs kept selling and DIIs kept purchasing today. and a consolidation day for FINNIFTY overall. Because of the high VIX, players who are not aggressive may nevertheless end up profitable.

Just a heads up that the Fed Meeting Minutes will be released by the U.S. Federal Reserve tomorrow night.

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