Market set to open in a downtrend – Pre-Market Analysis Report


Yesterdays Analysis

Yesterday, the NIFTY began the day with a flat opening at 21,986. It found support at Wednesday’s low and rebounded. By midday, there was a strong sense of optimism in the market, but it encountered a significant hurdle at 22,200. The day concluded with NIFTY closing at 22,146, showing a gain of 149 points, or 0.68%.

The U.S. markets ended the day with losses. The European markets ended the day with a combination of gains and losses.

Today’s Expectations

Asian markets are experiencing a decline in trading.

The U.S. Futures are showing little movement.

The current trading price of GIFT NIFTY is 22,158, 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.

There are support levels for BANKNIFTY at 46,700, 46,470, and 46,240. There are potential resistances at 46,980, 47,200, and 47,420.

Foreign Institutional Investors offloaded shares worth Rs 1,356.29 crores. Shares worth Rs 139 crores were purchased by Domestic Institutional Investors.

The India VIX has decreased to 13.63.

Yesterday, the market experienced a temporary rebound, rallying up to the 22,200 mark. Many call option sellers in NIFTY had to close their positions.

Similar to other weeks, where Friday typically shows significant movement, today is anticipated to provide a substantial correction.

The initial level is expected to be around 22k, with a potential retest of yesterday’s low. The trading range between 21,900-22,200 will play a crucial role in determining the future direction.

The electoral bonds data has been released. It might be worth keeping an eye on Airtel, DLF, and Vedanta, as they could potentially have an impact on the overall market.

As the year comes to a close, a rebound like yesterday’s could present a valuable opportunity for tax loss harvesting. If desired, stocks can be repurchased the following day.

The potential decrease in petrol prices by Rs 2 per litre may have an impact on the stocks of oil marketing companies. Seems like a strategic move for the election, although it should have been implemented much earlier.

Monitoring the levels on NIFTY as mentioned earlier. And there is a support level of 46,460 in BANKNIFTY.


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