Following the US Inflation Data, Deep Red Loading. Watch the Pre-Market Analysis Report

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About Yesterday

NIFTY began the day flat at 21,666 and declined from there. It found support near the low of the previous day and made a powerful recovery to 21,750. Throughout the day, there were frequent swings between a 140-point zone, indicating ongoing volatility. NIFTY gained 127 points, or 0.59%, to conclude the day at 21,743.

US markets ended the day sharply lower. The markets in Europe closed lower.

Expectation

The majority of Asian markets are negative.

The U.S. Futures market is not moving.

At 21,644, the GIFT NIFTY is currently trading down.

When taken as a whole, the indicators point to a gap-down opening in the market.

The support numbers for NIFTY are 21,690, 21,640, 21,580, and 21480. Resistances are anticipated at 21,765, 21,800, and 21,955.

The supports for BANKNIFTY are at 45,340, 45,230, and 44,900. Resistances at 45,560, 45,700, and 45,840 are likely to occur.

The greatest call OI resistance in NIFTY is 22,000 points. One of the highest values was 21,500 for OI support. At 0.81, PCR is bearish.

There is a good call OI resistance at 46,000 in BANKNIFTY. At 45,000, there is a decent put OI support. At 0.96, PCR is neutral.

The net purchase price of shares by foreign institutional investors was Rs 273 crores. The net purchase price of shares by domestic institutional investors was Rs 376 crores.

The INDIA VIX did not move from 15.80.

As we discussed on Monday, the U.S. inflation data yesterday night and the India inflation data on Monday posed the largest risk to the market for the whole week.

And those are the main reasons for this week’s bearishness. The markets dropped as a result of them missing targets, even though inflation was decreased. The 1.8% drop on the NASDAQ last night suggests that our IT industry may also be weakening.

India will therefore undoubtedly open with a gap-down, as GIFT NIFTY shows. In terms of BANKNIFTY, HDFC Bank is a weak link at this point. The stock stayed close to its 52-week low Wednesday, despite the index rising 1.5%. With the gap closing today, there may be a decline below this point.

You should anticipate volatility for today’s BANKNIFTY expiration. The FINNIFTY expiration yesterday was also challenging. It will be required to wait the first fifteen minutes when the market opens in order to discern the initial trend.

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