NIFTY to Open at 24,200. Jio Price Hike to Help Reliance - Pre-Market Analysis Report

What Happened Yesterday?

NIFTY started yesterday at 23,887 and fell. After taking support at 23,800, the market saw a good rally powered by IT stocks. A move of 170+ points in the last 1 hour helped NIFTY end the day at 24,044, up by 175 points or 0.74%.

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

What to Expect Today?

Asian markets are trading mostly in the green.

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

GIFT NIFTY is trading in green at 24,209, up by 162 points.

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

NIFTY has supports at 24,050, 23,910 and 23,800. We can expect resistances at 24,200, 24,300 and 24,500.

BANKNIFTY has supports at 52,600, 52,300 and 52,000. We can expect resistances at 53,000, 53,200 and 53,500. 

Foreign Institutional Investors net-bought shares worth Rs 7,658 crores. Domestic Institutional Investors net-sold shares worth Rs 3,605 crores.

INDIA VIX is now at 14.15.

NIFTY hit the 24k mark yesterday and first saw rejection. But with a surprise move towards the end, a 170+ point rally in 1 hour on the monthly expiry!

It was mostly a day where FIIs took the market up, after their bearish bets on futures last week. Good market sentiment and some short-covering were helpful.

IT stocks mostly held their ground and helped the market rally. The IT index was up more than 2%.

NIFTY took support in the upper channel after 10 days of consolidation. The current rally has strength for this reason.

Let’s see if the indices can flex their muscles on a Friday, especially with the gap-up opening at 24,200. So today is a fair game, a purely speculative market with a bullish bias and no levels to watch.

Reliance raised tariffs on Jio heavily, so do watch out for movement in the stock. Reliance has already rallied 6% in the last 2 days.

We have PMI data coming out next week, and the Fed FOMC Meeting Minutes on Wednesday.

We will be continuing our BANKNIFTY trades and entering fresh NIFTY trades today. You can check out our marketfeed app or our website for new trades!

All the best for the day!