Infosys ADR Reduced; Opening Gap Again! – Report on Pre-Market Analysis


Yesterday’s Updates

Yesterday, NIFTY opened a gap-up at 22,020 and then steadied. There were mostly horizontal movements with a 130-point trading range. NIFTY gained 172 points, or 0.79%, to close the day at 22,011.

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


Today’s Expectations

Asian markets are experiencing a decline in trading.

The U.S. futures are currently trading with minimal movement.

The current trading value of GIFT NIFTY is 22,057, indicating a decline.

Based on the various factors, it appears that the market will open lower today.

The NIFTY has several support levels at different price points. There are potential resistances at 22,090, 22,200, and 22,300.

BANKNIFTY has support levels at 46,470, 46,240, and 46,000. There are several resistances to consider at 46,700, 46,980, 47,200, and 47,420.

Foreign institutional investors offloaded shares worth Rs 1,826 crore. Domestic institutional investors purchased shares worth Rs 3,208 crore.

The India VIX plummeted to 12.51.

Following the decline on Tuesday, Wednesday – yesterday marked a day of recovery. At one stage, NIFTY experienced a significant increase of 250 points compared to the previous close.

However, the majority of this was due to the gap-up opening. The positive sentiment stemmed from the Federal Reserve’s indication of potential multiple rate cuts throughout the year.

However, the question remains whether it will be another temporary recovery. For the final day of the week, NIFTY is expected to open with a gap down of around 21,950.

Accenture, a company from the U.S., has revised its guidance for the year, which has raised concerns for Indian IT services companies like Infy and TCS. There is a possibility of a negative opening.

The India VIX has dropped below the levels seen in early January. Additionally, it is trending below a 200-day EMA. It suggests a period of market consolidation prior to the elections. It would be great to see a jump back above 14 ranges!

Let’s see if 21,900 holds again today. Keep an eye on the bank NIFTY level of 46,240.

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