Reliance at its all time high ! – Report on Pre-Market Analysis


Yesterday’s Updates

NIFTY opened the day with a big jump at 22,295 and then went down. The index moved around a 100-point range all day, so there were no big changes. Even though it stayed close to the day’s high, NIFTY ended the day down 5 points, or 0.02%, at 22,212.

U.S. markets ended the day in the green. At the end of the day, the European markets were up.

Today’s Expectations

The dealing on Asian markets is not clear.

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

The GIFT NIFTY is slightly down at 22,222.

As a whole, these factors point to a flat to gap-down market beginning.

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.

It is safe to buy BANKNIFTY at 46,800, 46,700, and 46,470. Our next stops will be at 46,950, 47,200, 47,420, and 47,600.

It is hard to make a call in NIFTY at 22,500. The highest level of OI backing is at 22,000. At 0.88, PCR is negative.

At 47,000, there is a lot of call OI pushback in BANKNIFTY. A high put OI support is also at 47,000. At 0.79, PCR is down.

FPIs from outside India sold stock worth a total of Rs 1,939 crores last week. Indian institutional investors bought shares worth a total of Rs 3,351 crores.

The INDIA VIX fell to 14.97.

Last week was another all-time high for the market. On Friday, NIFTY opened close to 22,300.

The most important events this week are the UK and US GDP numbers. They will be out on Thursday, the last day of the month.

There is still some strength in the market to go over 22,500 this week. If global markets took part, NIFTY would reach that level.

First, keep an eye on the all-time high of 22,125. That is the level of support in the market. It would be hard to get back up if there is a gap-down today and the index goes below this level.

Keep an eye on Reliance because it’s getting close to 3,000. On Friday, the stock reached its all-time high (ATH). ICICI Bank is also trying to break through the ATH.

The money from DIIs keeps coming in. The sell-off will only be as strong as the amount of money that is pumped into it.

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