Is it possible for NIFTY to break the double top? – Report on Pre-Market Analysis

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Yesterday’s Updates

The gap-down for NIFTY at the start of the day was 22,099. The low point from yesterday was used as support, and the market went back up from there. Around 22,200, a double top has now formed. NIFTY ended the day at 22,198, up 76 points, or 0.34 per cent.

The U.S. markets ended with a mixed bag. Even the European markets had a mixed ending.

 

Today’s Expectations

The Asian markets are going down.

U.S. Futures are not moving up or down.

The GIFT NIFTY is slightly up at 22,225.

Based on all of these factors, the market is likely to start flat to slightly up.

It is safe to trade on NIFTY at 22,175, 22,080, and 22,020. At 22,250, 22,300, and 22,350, we can expect support.

You can buy BANKNIFTY at 46,470, 46,240, and 46,000. At 46,700, 46,950, and 47,200, we can expect opposition.

At 22,200, there is a lot of call OI support in NIFTY. The highest level of OI backing is at 22,000. At 0.89, PCR is down.

At 47,000, there is a lot of call OI pushback in BANKNIFTY. You can put a lot of money on the queue at 46,500. At 0.78, PCR is negative.

Institutional investors from outside India sold shares worth a loss of Rs 1,509 crores. Indian institutional investors bought shares worth a total of Rs 2,861.56 crores.

In India, the VIX went up to 15.72.

Even though the India VIX went up yesterday, the market was in a good mood of stabilisation. Positional and intraday option buyers are having a good week so far.

At least that’s what the options data shows: everything this week is geared towards tomorrow. The VIX is going up even though there is stabilisation.

Tonight, the U.S. GDP results will be made public. They have also seen their markets level off around their all-time highs. Also, remember that tomorrow is the last day of the month.

If the double top that formed in NIFTY yesterday is broken in the morning, the price could keep going up. A lot of price changes are also likely to happen in the next 30 minutes as traders try to protect their accounts before tomorrow’s market opens.

When VIX is high, you should trade safely. Remember that BANKNIFTY doesn’t expire today; it does tomorrow, along with NIFTY. Notably, this is the last monthly expiration when both NIFTY and BANKNIFTY can be traded at the same time. From March on, the BNF Monthly will end on the last Wednesday of every month.

 

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