Opening with a gap-down due to the performance of Asian markets. TCS Fall Loading? – Pre-Market Analysis Report
Yesterdays Updates
Yesterday, the NIFTY opened at 22,006 with little movement and remained stable throughout the day. The index respected last week’s low once again and experienced a breakout at noon, reaching Friday’s high. The day concluded with NIFTY closing at 22,055, showing a gain of 32 points or 0.15%.
The U.S. markets ended the day with gains. The European markets ended the day with little change.
Today’s Expectation
Asian markets are experiencing a decline in trading.
The U.S. futures are currently experiencing a decline.
The current trading price of GIFT NIFTY is 22,064, indicating a decline.
Based on the various factors, it seems that the market will open lower today.
The NIFTY has several support levels at different price points. There are potential resistances at 22,090, 22,200, and 22,300.
BANKNIFTY has support levels at 46,470, 46,240, and 46,000. There are several resistance levels to watch out for at 46,700, 46,980, 47,200, and 47,420.
There is significant call Open Interest resistance at 22,200 and strong put Open Interest support at 22,000 in NIFTY. The PCR stands at 0.77.
There is significant call Open Interest resistance at 47,000 and strong put Open Interest support at 46,000 in BANKNIFTY. The PCR stands at 0.76.
Foreign Institutional Investors offloaded shares worth Rs -2,051 crores. Domestic Institutional Investors purchased shares worth Rs 2,261 crores.
The INDIA VIX remains steady at 13.89.
The NIFTY is still consolidating, finding support at 21,920 for the fourth consecutive trading day.
It appears that our market and the U.S. are eagerly anticipating the Federal Reserve’s meeting on Wednesday night.
Keep an eye on the range of 21,920-22,200 in NIFTY.
FINNIFTY has a broader range due to its high volatility yesterday. Keep an eye on the index range of 20,450-20,700, which represents yesterday’s high and low.
Be cautious of a potential decline in the stock as Tata Sons is currently offloading shares of TCS in the open market, amounting to ₹8,800 crores.
Furthermore, NIFTY is signalling a potential gap-down opening around the 21,900 range once more. It’s the fifth day of testing the level.
