What happened yesterday?
NIFTY attempted to go higher after opening Friday at 22,687 with a slight gap-down. However, the market was sold off with every increase. Over 200 points were dropped from the highs for the day. NIFTY dropped 234 points, or 1.03%, to close the day at 22,519 points.
US markets ended the day mixed. The markets in Europe closed lower.
The markets in Asia are trading negatively.
Green is the trading tone for U.S. futures.
At 22,452, the GIFT NIFTY is trading down.
When taken as a whole, the indicators point to a gap-down opening in the market.
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 48,400, 48,000, and 47,800. Resistances are anticipated at 48,600, 48,800, and 49,000.
At 22,700, NIFTY has the strongest call OI resistance. At 22,200, one of the highest put OI supports is found.
Foreign Institutional Investors sold shares for a net total of Rs 6,526 crores last week. Institutional investors in India purchased shares for a net amount of Rs 12,231 crores.
The INDIA VIX remained at 11.53.
As the world markets adapt to two issues—the US CPI inflation report and Iran’s strike on Israel—NIFTY is showing a solid gap-down.
In comparison, the U.S. CPI increased 3.5% from a year ago in March, which was higher than anticipated. In the meantime, retail inflation in India decreased in March to 4.85%, a 10-month low.
The issue is that this suggests there is no longer any chance of rate reductions in June.
Let’s return to today, though. This week marks the return of NIFTY to full trading after a few of shortened trading weeks.
The news of the conflict and the weak U.S. market on Friday will exert some pressure on the market when it opens today. However, even GIFT NIFTY is only showing a gap-down of 120 points.
Additionally, TCS revenue is showing stronger than anticipated. Earnings season is about to begin!
