Opening Gap Close to Record High. Crackout Loading? – Report on Pre-Market Analysis


Yesterdays Updates

Yesterday, NIFTY opened with a gap-down at 22,385 and thereafter declined. Once support was located close, the index recovered 170 points and approached the all-time high area once more. NIFTY dropped 18 points, or 0.08%, to close the day at 22,434.

US markets ended the day mixed. The markets across Europe closed in green.


Today’s Expectation

Asian markets are experiencing positive trade.

There is a green trade in U.S. Futures.

At 22,600, the GIFT NIFTY is trading higher.

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

The supports for NIFTY are at 22,420, 22,360, and 22,280. Resistances at 22,525, 22,580, and 22,650 are likely to occur.

The supports for BANKNIFTY are 47,600, 47,420, and 47,200. Resistances are anticipated at 47,700, 47,800, and 48,000.

At 22,500, NIFTY has the strongest call OI resistance. At 22,400 and 22,300, one of the highest put OI supports is found.

Shares worth Rs 2,213 crores were net-sold by foreign institutional investors. The net purchase price of shares by domestic institutional investors was Rs 1,102.41 crores.

ASIAN VIX dropped to 11.37.

Once again, NIFTY is showing a significant gap-up close to the all-time high levels.

Additionally, the American markets are trading comfortably close to their all-time highs.

Large-scale government initiatives, like as an RBI rate drop, are not anticipated in the next two months due to the model code of behaviour. Thus, the market would not be much impacted by this week’s main event, which is the RBI Governor’s address tomorrow at 10 a.m.

There will be some pressure from the strong call option sellers at 22,500 when the market opens today. However, there might not be any quick short covering from this level given the strong premiums in the straddle. As a nice level to watch, 22,560 is there.

Following its drop in March, the midcap index is now reaching a new all-time high. fully recovered.

As April gets underway, keep an eye on the performance of IT stocks. On April 12, TCS will release its Q4 earnings.

Be sure not to miss the newest entry to NIFTY, Shriram Finance. and SBI, which would provide a strong boost.

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