The markets in the US are bright green. 22,500 What’s Next for NIFTY? – Report on Pre-Market Analysis


Yesterday’s Updates

NIFTY began the day at 21,090 and declined. The week’s low was broken, and the rally from the day’s low began at approximately eleven in the morning. There was a 350+ point surge, and before close, the index had reached a record high. NIFTY gained 162 points, or 0.74%, to conclude the day at 22,217.

US market closing in positive green. The markets in Europe closed higher.

Today’s Expectation

The majority of trade in Asian markets is green.

The U.S. Futures are moving little higher right now.

At 22,310, the GIFT NIFTY is trading higher.

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

Supports for NIFTY are at 22,175, 22,080, and 22,020. Resistances are likely to be found at 22,250, 22,300, and 22,350.

The supports for BANKNIFTY are 46,950, 46,700, and 46,470. Resistances are likely to be found at 47,200, 47,420, and 47,600.

There is a high call OI resistance at 23,000 in NIFTY. The OI support is high, at 22,000. PCR is 0.89, bearish.

Shares worth Rs -1,410 crores were net-sold by foreign institutional investors. The net purchase price of shares by domestic institutional investors was Rs 1,823 crores.

VIX INDIA dropped to 15.19.

All sectors saw heavy purchasing during the day, with the exception of financial stocks. The top three contributors were TCS, ITC, and Reliance. IT and auto indices made significant moves!

Fridays are typically when the markets surge higher following a breakout. On this day, the market rallies and all of the anxiety that had built up over the week due to huge expiries, option sellers, and purchasers disappears.

The Fed Minutes demonstrate that more rate increases are not feasible. However, there’s no rush to start lowering rates. In just yesterday’s session, Nvidia’s sales astonished the American market and the stock rose 15%!

The U.S. markets concluded in a strong green tone, with the NASDAQ index currently sitting only 1% below record highs. Keep an eye on how IT stocks are doing in India as well!

The monetary policy committee of India stated that rate reductions would need to be done carefully because food inflation is still there. However, as it stands, the markets are enjoying it.

This week, NIFTY produced a breakout over 22,125, which increased the likelihood that the index will reach 22,500. And up until then, the index should see a positive movement.

Let’s see if the strength holds after today’s gap-up. If U.S. markets and large caps continue to perform well, FII selling may persist.



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