Pre-market comment for Thursday September 7 By Ameya Ranadive, Choice Broking Ltd
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Pre-market comment for Thursday September 7 By Ameya Ranadive, CMT CFTe Equity Research Analyst Choice Broking Ltd
On September 7, the benchmark Sensex and Nifty indices are anticipated to commence the trading day with a marginal dip. This cautious sentiment is underscored by the India VIX, which exhibited an intraday decline of 1.39 percent, ultimately settling at 10.67. Notably, the market index enjoys a firm support base within the range of 19,450 to 19,500. Adding to the positive outlook is the fact that Nifty has successfully closed above the pivotal 19,600 level for the first time in three weeks, signifying a noteworthy development.
The short-term trajectory of the Nifty index remains favorable, suggesting the potential for further upside in the upcoming trading sessions. Investors may find opportune moments for strategic purchases should the index witness any temporary declines towards the aforementioned support range of 19,450. Additionally, market participants should keep a watchful eye on the next significant upside resistance levels situated in the vicinity of 19,750 to 19,800.
In terms of institutional activity, foreign institutional investors (FIIs) were observed to have divested shares amounting to Rs 3,245.86 crore, while domestic institutional investors (DIIs) offloaded stocks worth Rs 247.46 crore on September 6, according to provisional data from the National Stock Exchange (NSE). These figures underscore the continued interplay between domestic and foreign investment factors that are contributing to the market's nuanced dynamics. As the market opens on September 7, investors are advised to remain attentive to these factors and exercise.
Above views are of the author and not of the website kindly read disclaimer
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