New High in NIFTY Today? – Pre-Market Analysis Report


About Yesterday

NIFTY gapped up at 21,923 to begin the day and then declined. After gaining traction at 21,800, it stabilised for a while. At 1:30 PM, the European market also tried to break out, but resistance was discovered. NIFTY gained 70 points, or 0.32%, to conclude the day at 21,910.

U.S. markets ended the day higher. The markets in Europe closed in the green as well.


New High in NIFTY Today? Pre-Market Analysis Report

Asian markets are seeing positive trade.

The U.S. futures market is not moving.

At 22,080, the GIFT NIFTY is trading higher.

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

The supports for NIFTY are at 21,800, 21,690, and 21,640. Resistances are anticipated at 22,080, 22,120, and 21,955 [all-time high].

The supports for BANKNIFTY are 46,000, 45,840, and 45,560. Resistances are likely to be found at 46,240, 46,500, and 46,950.

Shares worth Rs 3,064 crores were net-sold by foreign institutional investors. The net purchase price of shares by domestic institutional investors was Rs 2,276.93 crores.

VIX INDIA dropped to 15.22.

As predicted in yesterday’s premarket analysis, the NIFTY expiry today was turbulent and had the potential to breakout, but it was not permitted to do so. Yesterday, option sellers managed to keep the index below 22,000, resulting in a rangebound move that was unable to surpass the 21,955 mark.

With a 2% rise, HDFC Bank made the most contribution to NIFTY. Additionally, FINNIFTY and BANKNIFTY are rising beyond their 200-EMA support levels.

Additionally, the market is anticipated to have a very positive day today. Without restrictions from the weekly expiries, the indices are free to display their strength. The American stock markets are exhibiting strong bullishness and are on the verge of hitting record highs. Concerns about inflation caused midweek dips in the past, but they appear to have disappeared today.

I’m hoping for a strong breakout in the market today!

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