About Yesterday’s market
Yesterday, NIFTY opened at 22,365 with a good gap-down and then fell. It fell another 100 points before it hit support. From there, it went back up to 22,440. But in the second half, the market fell even more. By the end of the day, NIFTY was down 22,272 points, or 1.1%.
The U.S. markets ended down. It was a mixed day on the European markets.
Today’s Expectation
The Asian markets are going down.
The U.S. futures market is going up.
At 22,127, the GIFT NIFTY is priced to go down.
All of these things point to a gap-down start in the market.
It is safe to buy NIFTY at 22,120, 22,000, and 22,860. At 22,200, 22,280, and 22,350, we can expect opposition.
It is safe to buy BANKNIFTY at 47,600, 47,420, and 47,200. Stops will likely be at 47,800, 48,100, and 48,400.
There are supports for FINNIFTY at 21,080, 21,000, and 20,800. At 21,150, 21,280, and 21,380, we can expect opposition.
At 22,700 and 22,500, NIFTY has the most call OI support. The best level of support for a put OI is at 22,200.
At 48,000, BANKNIFTY has the highest call OI resistance. There is the most backing for puts at 47,000.
At 21,300, FINNIFTY has one of the largest call OI resistances. There is the most backing for puts at 21,000.
It is worth Rs 3,268 crores that foreign institutional investors sold shares. Indian institutional investors bought shares worth a total of Rs 4,762 crores.
The Indian VIX went up to 12.46.
As the war gets worse, the world’s markets are getting ready for another round of selling. There is a 200-point drop in GIFT NIFTY!
These days, the FMCG and IT indices tend to hold up well, and they are close to their 200-day EMA lines. could be a better place to put your money if you think it will fall even more.
It’s interesting that a lot of domestic companies bought in yesterday. Today, we might see the same pattern.
In general, I think now is a good time for people who were upset they didn’t buy when NIFTY hit 22,700. You can start putting money into different tranches of positions!
For today, keep an eye on the first 15-minute candles and then add the Open High Low level to the present supports. Keep a close eye on the 21,000 support in FINNIFTY in particular.
When VIX goes up and no put options are bought, we are usually happier. I hope you only have trades that are going down too!
