Gap-Down Opening with Asian Markets. TCS Fall Loading? - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started yesterday at 22,006 flat and consolidated. Last week’s low was once again respected, and the index gave a breakout at noon till Friday’s high. NIFTY ended the day at 22,055, up by 32 points or 0.15%.

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

What to Expect Today?

Asian markets are trading in the red.

The U.S. Futures are trading in red.

GIFT NIFTY is trading in red at 22,064.

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

NIFTY has supports at 21,980, 21,920, 21,800 and 21,680. We can expect resistances at 22,090, 22,200 and 22,300.

BANKNIFTY has supports at 46,470, 46,240 and 46,000. We can expect resistances at 46,700, 46,980, 47,200 and 47,420.

In NIFTY, there is high call OI resistance at 22,200 and high put OI support at 22,000. PCR is at 0.77.

In BANKNIFTY, there is high call OI resistance at 47,000 and high put OI support at 46,000. PCR is at 0.76.

Foreign Institutional Investors net-sold shares worth Rs -2,051 crores. Domestic Institutional Investors net-bought shares worth Rs 2,261 crores.

INDIA VIX is flat at 13.89.

NIFTY continues consolidation, with the base taken at 21,920 for the 4th consecutive trading day.

Our market and the U.S. seem to be waiting for the Federal Reserve’s meeting on Wednesday night. 

So, the range to watch out for continues to be 21,920-22,200 in NIFTY.

FINNIFTY has a wider range because of how volatile it was yesterday. You can watch out between 20,450-20,700 for the index, which are yesterday’s high and low.

Tata Sons is selling shares of TCS in the open market for up to ₹8,800 crores, so be aware of a possible fall in the stock. 

Along with this, NIFTY is indicating a gap-down opening near the 21,900 range again. It will be the 5th day that the level is being tested.

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

All the best for the day!