Tag: opening bell

What Happened Yesterday?

NIFTY started the day with a gap-up at 21,923 and moved down. It took support at the 21,800 mark and then consolidated for a while. A breakout was attempted at 1:30PM along with the European market but resistance was found. NIFTY closed the day at 21,910, up by 70 points or 0.32%.

U.S. markets closed in green. The European markets also closed in the green.

What to Expect Today?

Asian markets are trading in green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in green at 22,080.

All the factors combined indicate a gap-up opening in the market.

NIFTY has supports at 21,800, 21,690 and 21,640. We can expect resistances at 21,955, 22,080 and 22,120[all-time high].

BANKNIFTY has supports at 46,000, 45,840 and 45,560. We can expect resistances at, 46,240, 46,500 and 46,950.

Foreign Institutional Investors net–sold shares worth Rs 3,064 crores. Domestic Institutional Investors net–bought shares worth Rs 2,276.93 crores.

INDIA VIX cooled to 15.22.

The NIFTY expiry today went as we expected in yesterday’s premarket report – volatile with a possibility of breakout, but not allowed to. Option sellers kept the index under 22k, and it gave a rangebound move, and could not break out 21,955 level yesterday.

HDFC Bank contributed the most to NIFTY with a 2% move. BANKNIFTY and FINNIFTY are also moving up from their 200-EMA support levels.

And today is expected to be a major green day for the market. Without the confines of the weekly expiries, the indices can flex their muscles. The U.S. markets are showing extreme bullishness, almost reaching back to all-time highs. There were mid-week falls due to inflation concerns but that seems to be gone now.

Hoping that the market can give a good breakout today!

Check out this video to understand what options buyers, and sellers can do in such a volatile market.

We will be entering new NIFTY trades and modifying our BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

What Happened Yesterday?

NIFTY started the day flat at 21,666 and went down. It took support at the previous day’s low and bounced back strongly to 21,750. The volatility continued through the day with quick moves between a 140-point zone. NIFTY closed the day at 21,743, up by 127 points or 0.59%.

U.S. markets closed in deep red. The European markets closed in the red.

What to Expect Today?

Asian markets are mostly in the red.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in the red at 21,644.

All the factors combined indicate a gap-down opening in the market.

NIFTY has supports at 21,690, 21,640, 21,580 and 21,480. We can expect resistances at 21,765, 21,800 and 21,955.

BANKNIFTY has supports at 45,340, 45,230 and 44,900. We can expect resistances at 45,560, 45,700 and 45,840.

In NIFTY, the highest call OI resistance is at 22,000. One of the highest put OI support at 21,500. PCR is bearish at 0.81.

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

Foreign Institutional Investors net–bought shares worth Rs 273 crores. Domestic Institutional Investors net–bought shares worth Rs 376 crores.

INDIA VIX stayed flat at 15.80.

The biggest risk for the week in the market was India’s inflation data on Monday and the U.S. inflation data yesterday night, as we discussed on Monday.

And those are the biggest contributing factors to bearishness this week. Even though inflation was reduced, the markets fell because they missed targets. NASDAQ fell 1.8% yesterday night, indicating possible weakness in our IT sector as well.

So India is surely to open with a gap-down as we can see from GIFT NIFTY. Now, when we are looking at BANKNIFTY, HDFC Bank is a weak crack. Even when the index gained 1.5% yesterday, the stock kept near its 52-week low. Today with the gap down, there could be a fall below this level.

For the BANKNIFTY expiry today, you can expect volatility. Yesterday’s FINNIFTY expiry was tricky too. Waiting for the first 15 minutes of the market opening will be necessary to understand the initial trend.

Trade safe, and watch out for HDFC Bank!

We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

What Happened Yesterday?

NIFTY started the day flat at 21,747 and was volatile. Around 11 AM, the previous day’s low was broken but the index bounced back up from there. Resistance was found near the 21,800 level. NIFTY closed the day at 21,782, up by 64 points or 0.3%.

U.S. markets closed mixed. The European markets closed in the red.

What to Expect Today?

Asian markets are mostly closed for the Chinese New Year.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in the green at 21,918.

All the factors combined indicate a flat to gap-up opening in the market.

NIFTY has supports at 21,750, 21,640 and 21,580. We can expect resistances at 21,800, 21,955 and 22,080.

BANKNIFTY has supports at 45,560, 45,340, 45,230. We can expect resistances at 46,000, 46,240, 46,500 and 46,950.

In NIFTY, the highest call OI resistance at 22,000. The highest put OI support at 21,500. PCR is neutral at 0.78.

In BANKNIFTY, there is good call OI resistance at 46,000. There is a good put OI support at 45,000. PCR is bearish at 0.85.

Last week, Foreign Institutional Investors net–sold shares worth Rs 5,872 crores. Domestic Institutional Investors net–bought shares worth Rs 5,326 crores.

INDIA VIX stayed flat at 15.4.

NIFTY has found a nice space between 21,600 and 22,100. A 500-point zone is where it has been trading for many weeks. Consolidation with volatility is the current trend.

BANK NIFTY and FINNIFTY are continuing to trade near their 200-EMA. This is despite SBI hitting all-time highs 3 days in a row. HDFC Bank continues to be beaten down.

Reliance and the IT index also remain strong. HDFCBank, however, is very weak.

Today, India’s inflation data will come out. The RBI Governor pointed out that the major reason for no interest rate cut is that inflation is still far away from their 4% level. Watch out for this data today.

I feel the bulls are waiting for the right opportunity. The market is still just 1-2% away from the all-time highs. And the breakout could happen towards the end of the week, or earlier if the inflation data is satisfactory today.

We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

What Happened Yesterday?

NIFTY started the day flat at 21,830 and took support near Monday’s low. From there, it bounced up well. Resistance was taken at 21,950 near closing time, which is also the previous day’s high. NIFTY closed the day at 21,929, up by 157 points or 0.79%.

U.S. markets closed in the green. The European markets closed in the green.

What to Expect Today?

Asian markets are trading mostly in the green.

The U.S. Futures are trading in the green.

GIFT NIFTY is trading in the green at 22,112.

All the factors combined indicate a gap-up opening in the market.

NIFTY has supports at 21,955, 21,800, 21,650 and 21,580. We can expect resistances at 22,080, 22,120 and 22,200.

BANKNIFTY has supports at 45,560, 45,340, 45,230. We can expect resistances at 46,000, 46,240, 46,500 and 46,950.

In NIFTY, there is high call OI resistance at 22,000 and 22,200. There is high put OI support at 21,900. PCR is neutral at 0.99.

In BANKNIFTY, there is high call OI resistance at 46,000. There is high put OI support at 45,500. PCR is bearish at 0.64.

Both institutions turned net buyers yesterday. Foreign Institutional Investors net–bought shares worth Rs 92 crores. Domestic Institutional Investors net–bought shares worth Rs 1,096 crores.

INDIA VIX increased to 15.78.

GIFT NIFTY is up by more than 100 points from yesterday’s market closing. This is not due to any reason, as we can understand. In a bull market like this, the bounce-back has been as strong as expected.

Since the market is likely to open above the 22,000 zone, there is going to be a lot of short covering happening. As it is very near to expiry, and market had fallen well on Monday, there is a good activity by bears near the 22k zone.

The opening as indicated by GIFT NIFTY, is around the all-time high zone. Last Friday, the market touched this level of 22,125 and fell heavily. Let’s see if there will be strength for a breakout today!

Good rotation is being seen inside specific stocks. One day Reliance is shooting up 6-7%, and the next day we saw TCS moving up 4%. Yesterday, there was good bullishness in Pharma stocks.

Who would take the baton forward today is not clear, but the only thing you have to look for as traders is whether the all-time high is broken and sustained.

Once this is done, it could unlock the next part of NIFTY’s rally to the 22,500 levels.We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

What Happened Yesterday?

NIFTY started Friday at 21,825 with a gap-up and went up. After some consolidation, there was again serious buying that took the market exactly to its earlier all-time high. From there, profit booking kicked in. NIFTY closed the day at 21,853, up by 156 points or 0.72%.

U.S. markets closed in the green. The European markets closed mixed.

What to Expect Today?

Asian markets are trading mixed.

The U.S. Futures are trading in the red.

GIFT NIFTY is trading in the red at 21,935.

All the factors combined indicate a flat opening in the market.

NIFTY has supports at 21,800, 21,650 and 21,580. We can expect resistances at 21,750, 22,000 and 22,120.

BANKNIFTY has supports at 45,850, 45,660, 45,480 and 45,230. We can expect resistances at 46,000, 46,240, 46,500 and 46,950.

Last week, Foreign Institutional Investors net–sold shares worth Rs 2,009 crores. Domestic Institutional Investors net–bought shares worth Rs 10,107 crores.

INDIA VIX increased to 14.69.

The Dow Jones index in the U.S. market hit yet another all-time high on Friday. Even though there is not much momentum, their market is slowly moving up each week.

This might also be the reason why Foreign Institutional Investors are trying to pull money from emerging markets. When the U.S. markets are performing well, this does tend to happen.

Many global markets including China, Hong Kong and Kospi are trading very much down from their all-time high levels. However, in India, Domestic investors have been buying up opportunities, and keeping the market up over the last many months.

Our Domestic investors have been buying up opportunities, and keeping the market up over the last many months. This will continue to happen. Watch for the Mutual Fund inflow report from January towards the end of this week.

When institutional and speculative traders’ activity increases together, we see days like last Friday, with sudden up-moves followed by big crashes.

Today, you must watch out for how the market reacts to SBI and Tata Motors’ results. SBI’s net profit fell 35% due to provisioning for pensions and wage hikes, while Tata Motors net profit shot up 137%. Both could have larger impacts on other stocks in their sectors. 

Otherwise, technical levels are what you can continue to watch for the beginning of the week.

Repeating this from the last day – “There is even a world where, if 22,000 is broken with strength, we could see a NIFTY rally to 22,120[all-time high]. 21,480 would again act as a strong support from here.” This happened once and can happen again.

We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

What Happened Yesterday?

NIFTY started yesterday at 21,788 with a slight gap-up and fell. Even though there was intraday volatility, no big breakout or breakdown was seen. A trading zone of just 170 points is what we saw with a good base formed at 21,680. NIFTY closed the day at 21,697, down by just 28 points or 0.13%.

U.S. markets closed in the green. The European markets closed in the red.

What to Expect Today?

Asian markets are all trading in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in green at 21,906.

All the factors combined indicate a gap-up opening in the market.

NIFTY has supports at 21,650, 21,580, 21,480 and 21,400. We can expect resistances at 21,750, 21,800, 22,000 and 22,080.

BANKNIFTY has supports at 45,850, 45,660, 45,480 and 45,230. We can expect resistances at 46,000, 46,240, 46,500 and 46,950.

Foreign Institutional Investors net–sold shares worth Rs -1,879 crores. Domestic Institutional Investors net–bought shares worth Rs 872 crores.

INDIA VIX fell 10% to 14.45.

A good trading day yesterday with the market consolidating between technical levels. But the crazy surprise was that it turned out to be one of the least volatile budget days in history!

Option sellers ended up winning with an IV crush, and no single side rally!

Now it looks like the market is left to move independently, with a major domestic and foreign event getting done this week.  

The U.S. markets are trading near an all-time high level, with good earnings and a breakout that is continuing from late November.

Asian markets are also in the green now, with GIFT NIFTY indicating we could trade open above 21,850. As of today, the all-time high is just 2% away.

There is even a world where, if 22,000 is broken with strength, we could see a NIFTY rally to 22,120[all-time high]. 21,480 would again act as a strong support from here.

Two results to watch out for: Tata Motors, and effect of Adani Enterprises result from yesterday. Especially watch out for positive movement in BANKNIFTY.

We will be entering fresh NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

What Happened Yesterday?

NIFTY started yesterday at 21,504 with a slight gap-down. It took support immediately and started a good rally. A good breakout occurred once 21,580 was broken, and consolidation was near the day-high after noon.  NIFTY closed the day at 21,725, up by 203 points or 0.95%.

U.S. markets closed in the red. The European markets closed in the red.

What to Expect Today?

Asian markets are trading mixed.

The U.S. Futures are trading in green.

GIFT NIFTY is trading in green at 21,824.

All the factors combined indicate a flat to small gap-up opening in the market.

NIFTY has supports at 21,650, 21,580, 21,480 and 21,400. We can expect resistances at 21,750, 21,800 and 22,000.

BANKNIFTY has supports at 45,850, 45,660, 45,480 and 45,230. We can expect resistances at 46,000, 46,240, 46,500 and 46,950.

In NIFTY, one of the highest call OIs is at 22,000. The highest put OI is at 21,500. PCR is bearish at 0.77.

Both FIIs and DIIs turned net buyers yesterday. Foreign Institutional Investors net–bought shares worth Rs 1,660 crores. Domestic Institutional Investors net–bought shares worth Rs 2,542 crores.

INDIA VIX stayed flat at 16.04.

HDFC Bank and Reliance kept the market on an upward trend yesterday. And the morning strength in BANKNIFTY was crazy. A move of 1,000 points in around an hour of trading! And a breakout above the previous day’s high did help it reach the 46k mark in no time, as we expected.

The U.S. Federal Reserve announced no interest rate hikes yesterday, as expected. But traders were disappointed as Jerome Powell said rate cuts in March were unlikely. NASDAQ and Dow Jones went into the red.

But as Asian markets are mixed, and with a strong domestic event happening today, GIFT NIFTY has stayed in the green.

There are heavy bear and bull opinions in the market ahead of the budget. I would stick to a conservative approach and go with the trend once it is formed.

The Budget Presentation will start at 11 AM. Option buyers are hoping for a crazy single-side rally, and option sellers are hoping for an IV crush. 

If you are not an active trader and don’t have time to keep your eyes glued to the screen, it would be best to avoid trading today. Otherwise, just stay true to the good technical levels that we have. 

All the best for your trading journey today!

We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

What Happened Yesterday?

NIFTY started yesterday flat at 21,784 and could not break the 800 mark. From there, it was a steady fall until the closing minutes. The index lost nearly half the gains of Monday’s rally.  NIFTY closed the day at 21,522, down by 215 points or 0.99%.

U.S. markets closed in the green. The European markets also closed in the green.

What to Expect Today?

Asian markets are trading in the red.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 21,628.

All the factors combined indicate a flat to small gap-down opening in the market.

NIFTY has supports at 21,48, 21,400, 21,340 and 21,210. We can expect resistances at 21,580, 21,690 and 21,800.

BANKNIFTY has supports at 45,230, 45,100, 44,900 and 44,600. We can expect resistances at 45,660, 45,850 and 46,000.

In NIFTY, one of the highest call OIs is at 21,700. One of the highest put OIs is at 21,000. PCR is bearish at 0.65.

In BANKNIFTY, one of the highest call OIs is at 46,000. One of the highest put OIs is at 45,000. PCR is bearish at 0.72.

Foreign Institutional Investors net–sold shares worth Rs -1970 crores. Domestic Institutional Investors net–bought shares worth Rs 1,002 crores.

INDIA VIX increased to 16.10.

NIFTY gave away half of the gains from Monday’s rally and settled back around 21,500 for the day. The volatility in the market has kept on increasing and VIX closed at the highest level since last March.

The U.S. Federal Reserve is expected to announce there will be no interest rate hikes tonight, after the Monetary Policy Committee meeting. But traders are looking at indications of when the rate cuts might come. US tech stocks cooled down, while Dow Jones index closed at another all-time high.

And tomorrow is the budget day for us. Expecting big movements for both of these reasons. 

As for the Bank Nifty expiry, option sellers seem to be playing more aggressively on the call side. The index showed good strength yesterday. Would be interesting to see if there is some strength in the first half itself. A breakout above yesterday’s high could take it to the 46k mark today!

We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

What Happened Yesterday?

NIFTY started Thursday flat at 21,456  and started to fall. It took support at the 21,250 level two times throughout the day. But there was strength towards the end, and the market went up 150 points in the last 30 minutes. NIFTY closed the day at 21,352, down by 101 points or 0.47%.

U.S. markets closed mixed. The European markets closed in the green.

What to Expect Today?

Asian markets are trading in the green.

The U.S. Futures are trading in slight red.

GIFT NIFTY is trading in green at 21,640.

All the factors combined indicate a gap-up opening in the market.

NIFTY has supports at 21,400, 21,340 and 21,210. We can expect resistances at 21,480, 21,580 and 21,690.

BANKNIFTY has supports at 44,900, 44,600 and 44,280. We can expect resistances at 45,230, 45,470 and 45,635.

There are no good open interest formations in the market, as our market had a 3-day weekend.

Last week, Foreign Institutional Investors net–sold shares worth Rs -12,202 crores. Domestic Institutional Investors net–bought shares worth Rs 9,700 crores.

INDIA VIX fell to 13.86.

Last week was a very short trading week with just 3 trading sessions. And 2 major things happened towards the end of the week. U.S. markets went on to hit another all-time high on Friday, and LIC got approval to acquire an extra stake in HDFC Bank.

The beaten-down Indian market, especially Bank Nifty which is down by 7.7% from ATH, would love both of these news. Especially, the one which would turn sentiments in HDFC Bank.

LIC got approval from RBI to increase its stake in HDFC Bank from 5.2% to 10%. Although it is exactly not sure if and when LIC will buy more shares, the theory is that the sentiment alone could bring retail buying.

We are expecting a good gap-up of 200+ points as indicated by GIFT NIFTY. HDFC Bank ADR is up 4% in the last 2 days. As there are fewer OI buildups after the monthly expiry and long weekend, not expecting short covering to be strong. 

This week will be super important for today’s market, the Fed Interest Rate decision and the budget announcement on Thursday.

On Wednesday night, the U.S. Federal Reserve is expected to announce there will be no interest rate hikes.

And on Thursday, our market is expected to be volatile for the expiry and budget day.

44,600 support in BANKNIFTY was taken religiously by BANKNIFTY last day. Till the last 30-minute rally, it was well respected. Expecting 45,100 to be a similar support for the index after today’s gap-up.

Again for NIFTY, breaking 21,580 on the upper side will indicate that there is still a lot of strength before Thursday’s budget announcement.

You can check out our trades on the marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

What Happened Yesterday?

NIFTY started the day with a small gap-down at 21,195 and went on to move up. HDFCBANK and Reliance contributed well to the index. After the initial rally, the index fell back to opening level by noon. It bounced back once again in the last 3 hours and NIFTY closed the day at 21,453, up by 215 points or 1.01%.

U.S. markets closed mixed. The European markets closed in the green.

What to Expect Today?

Asian markets are trading mixed.

The U.S. Futures are trading in green.

GIFT NIFTY is trading flat at 21,450.

All the factors combined indicate a flat opening in the market.

NIFTY has supports at 21,400, 21,340 and 21,210. We can expect resistances at 21,480, 21,580 and 21,690.

In NIFTY, one of the highest put OIs is at 21,400 and one of the highest call OIs is at 21,700. PCR is bearish at 0.81.

BANKNIFTY has supports at 44,900, 44,600 and 44,280. We can expect resistances at 45,230, 45,470 and 45,635.

In BANKNIFTY, one of the highest put OIs is at 45,000 and one of the highest call OIs is at 45,500. PCR is bearish at 0.58.

Foreign Institutional Investors net–sold shares worth Rs 6,934 crores. Domestic Institutional Investors net–bought shares worth Rs 6,012 crores.

INDIA VIX fell to 14.37.

It is the monthly expiry day once again. Both NIFTY and BANKNIFTY are expiring on the same day after a very volatile January.

Yesterday, BANKNIFTY took almost perfect support at the 200-EMA and bounced back up. But the bounce was not strong enough, and the level might get tested again.

And there is still good put writing which happened yesterday, despite PCR showing bearish. 

So BANKNIFTY and IT index is where my eyes will be for the week. Expiry day option selling has become somewhat tough in the high VIX environment we are in now.

So keep a watch out for 44,600 support in BANKNIFTY. If broken, we may see a quick fall once again in the index. On the upper side, 45,500 can be watched.

For NIFTY, breaking 21,580 on the upper side will be a good indication that there is still a lot of strength before next Thursday’s budget announcement.

Will be having minimal trades for the monthly expiry today.

You can check out our trades on the marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

What Happened Yesterday?

NIFTY started the day with a gap-up at 21,716 and tried to consolidate. But after the first hour, there were heavy red candles one after another. Major supports were broken, then consolidated for 20 minutes, and this pattern repeated. 

One of the biggest intraday falls in recent times, NIFTY ended the day at 21,238, down by 333 points or 1.54%.

U.S. markets closed in the red. The European markets also closed in the red.

What to Expect Today?

Asian markets are trading in the red.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 21,224.

All the factors combined indicate a flat to gap-down opening in the market.

NIFTY has supports at 21,190, 21,120 and 21,000. We can expect resistances at 21,280, 21,340 and 21,480.

In NIFTY, one of the highest put OIs is at 21,000 and one of the highest call OIs is at 21,500. PCR is bearish at 0.63.

BANKNIFTY has supports at 44,900, 44,600 and 44,280. We can expect resistances at 45,230, 45,470 and 45,635.

In BANKNIFTY, one of the highest put OIs is at 45,000 and one of the highest call OIs is at 46,000. PCR is bearish at 0.50.

Foreign Institutional Investors net–sold shares worth Rs -3,115 crores. Domestic Institutional Investors net–bought shares worth Rs +214 crores.

INDIA VIX increased to 14.85.

A heavy correction in the market after the gap-up is what we saw yesterday. All BANKNIFTY stocks except ICICI Bank(+2%) fell. A few healthcare stocks like Cipla & Dr Reddy, and Airtel kept green in NIFTY.

But the most surprising part was the non-stop fall and the continuing repetition. BANKNIFTY(BNF) continued to fall yesterday. HDFC Bank alone has contributed a 3,000-point fall to BNF since last Wednesday.

The gap-up was so massive in NIFTY yesterday, that it gave some hope. But this was short-lived. There was no follow-up on the upper side, and soon the market comfortably broke the previous day’s lows. 

Tomorrow is the monthly expiry for the January series in both NIFTY and BANKNIFTY. The next important historical support of 44,600 in BNF is also where the 200-day EMA is. 

But let’s hope that the index will not fall below even as the gap from 1st December is also filled.

This week has been in really good profits for marketfeed strategies as the market kept following a single direction. Getting back up well from last week’s craziness.

Will start adding more than the usual quantity of NIFTYBeEs and BankBeEs in the fall. 

We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

What Happened Yesterday?

NIFTY started the special trading day on Saturday with a gap-up near 21,700. It was another strong red candle day, as the market consistently moved down. By 3 PM, it even crossed the previous day-low and fell. NIFTY ended the day at 21,571, down by 50 points or 0.23%.

U.S. markets closed in the green. The European markets also closed in the green.

What to Expect Today?

Asian markets are trading in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading in the green at 21,773.

All the factors combined indicate a gap-up opening in the market.

NIFTY has supports at 21,580, 21,480 and 21,400. We can expect resistances at 21,690, 21,750 and 21,800.

In NIFTY, one of the highest put OIs is at 21,500 and one of the highest call OIs is at 21,700. PCR is bearish at 0.73.

FINNIFTY has supports at 20,450, 20,375 and 21,250. We can expect resistances at 20,610, 20,750 and 20,850.

In FINNIFTY, one of the highest put OIs is at 21,500 and one of the highest call OIs are at 21,700 and 21,800. PCR is bearish at 0.58.

Last week, Foreign Institutional Investors net–sold shares worth Rs -22,972 crores. Domestic Institutional Investors net–bought shares worth Rs +10,623 crores.

INDIA VIX increased to 13.80.

The market saw heavy selling by FIIs last week, especially in HDFC Bank. Smaller stocks, even banking ones like PNB were not much affected. The midcap index hit an all-time high on Saturday.

The Dow Jones index in the U.S. has closed at its All-Time high for the second day in a row, so there is global positivity. If you join the last 2 points, you will start to see that it was just a regular fall last week without considering HDFC Bank.

Domestically, ICICI BANK posted amazing results on Friday and is waiting for a breakout in the daily chart.

GIFT NIFTY is indicating a good gap-up for the day. 

The next things to watch out for are Axis Bank results today for the FINNIFTY, and the U.S. GDP data on Thursday night. Don’t forget the Budget 2024 Announcement on Feb 1.

Expecting a good morning move in NIFTY with the gap-up opening, hopefully even touching 21,780. 

We will be modifying our NIFTY and BANK NIFTY trades today. You can check out our trades on the marketfeed app or our website!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!