Banknifty Pre-Market Analysis Report: 47,300 Support


Yesterday’s Updates

NIFTY began the day slightly down at 22,389 and went down. Around 22,280, support was taken, and the index went back up. Even though NIFTY hit a new high for the day, it went back down after 1:30 PM. NIFTY ended the day at 22,356, down 49 points, or 0.22%.

The U.S. markets ended down. It was a mixed day on the European markets.

Today’s Expectation

The dealing on Asian markets is not clear.

Futures for the U.S. are all flat.

The GIFT NIFTY is up a little at 22,426.

The market is likely to start flat because of all of these factors.

It is safe to buy NIFTY at 22,360, 22,280, and 22,175. At 22,430, 22,500, and 22,600, we can expect opposition.

You can buy BANKNIFTY at 47,420, 47,200, 46,950, and 46,700. At 47,600, 47,800, and 47,900, we can expect opposition.

At 22,400, there is a lot of call OI support in NIFTY. You can put a lot of money on the queue at 22,200. At 1.15, PCR is strong.

At 47,500, there is a lot of call OI pushback in the BANKNIFTY. At 47,000 and 47,300, there is a high put OI support. At 1.27, PCR is strong.

Investors from outside India bought stock worth a total of Rs 574 crores. Indian institutional investors bought shares worth a total of Rs 1,834 crores.

INDIA VIX went down to 14.38 �.

Yesterday, both the U.S. markets and big tech stocks went down. The selling pressure also came from people taking profits across the index.

At 47,300, BANKNIFTY has a lot of put options that have been bought. This worries me because it begs the question of why traders are taking such big risks on an expiration day.

The US stock market is likely to start the day flat, but it could become very unpredictable quickly, just like the FINNIFTY expiration yesterday. Risk-taking traders lost money when the measure rose from its low point for the day.

This week, Federal Reserve Chairman Jerome Powell will give his semi-annual monetary policy report to both houses of Congress. He will do this today. He is going to likely talk about the plan to lower interest rates. There will be changes in the market tomorrow because of this.

It wouldn’t surprise me if the market consolidated today. The only risk is that 47,300 put buyers will reach a certain level in BANKNIFTY.

Today is the last day of the BANKNIFTY. Be careful when trading based on the levels given!

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