Focus on Axis Bank: Pre-Market Analysis Report

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About Yesterday

Friday’s NIFTY opened higher at 22,021 and then declined. The index continued to move sideways without breaking the high from the prior day. NIFTY saw its lowest intraday movement in the previous 30 days overall, moving within a 100-point range throughout the day. NIFTY gained 130 points, or 0.59%, to conclude the day at 21,040.

US stock markets ended the day lower. The markets in Europe closed higher.

Expectation

Asian markets are experiencing uneven trade.

The U.S. futures market is not moving.

At 22,141, the GIFT NIFTY is trading higher.

When taken as a whole, the indicators point to a market disparity.

The supports for NIFTY are at 21,955, 21,800, and 21,690. Resistances are anticipated at 22,080, 22,120 (the all-time high), and 22,200.

The supports for BANKNIFTY are 46,240, 46,000, and 45,840. Resistances are likely to be found at 46,500, 46,700, and 46,950.

The net purchase price of shares by foreign institutional investors was Rs 251 crores. The net purchase price of shares by domestic institutional investors was Rs 1,571 crores.

The Indian VIX did not move from 15.22.

Last week, NIFTY closed strongly, closing close to both the weekly and all-time highs. There’s a hint that there will be an additional 40 points in the deficit come dawn.

After reaching new 52-week highs, IT and Auto are poised for breakthrough gains. The market will soar to 22,500 if BANKNIFTY joins it.

On the other hand, this week has a few noteworthy occurrences. The Fed Meeting Minutes will be released by the U.S. Federal Reserve on Wednesday.

This will provide valuable insight into the Fed members’ thoughts regarding future interest rate cuts. The corresponding minutes of the RBI Monetary Policy Meeting will be released from India on Thursday.

If not, watch look for indices and stocks that are breaking out. The market is awash with money, but be sure you select the correct stocks. The bag refuted a claim regarding a large-scale scam that was made on Axis Bank. Watch what transpires today.

Assuming this has no impact on the market, sentiment is generally favourable. A slight decline in the US market is countered by GIFT NIFTY’s robust performance. Expect a breakout above the record high as well.

Keep in mind that there might be less action from FIIs tonight because the US markets are closed.

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