Pre-market comment By Deven Mehata ,Choice Broking Ltd
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Below the Quote on Pre-market comment by Deven Mehata, Research Analyst, Choice Broking Ltd
The benchmark Sensex and Nifty indices are likely to open on a negative note on April 2 as trends in the GIFT Nifty indicate a weak start for the broader index with a loss of 51 points.
Nifty can find support at 22,400 followed by 22,350 and 22,300. On the higher side, 22,550 can be an immediate resistance, followed by 22,600 and 22,650.
The charts of Bank Nifty indicate that it may get support at 47,300, followed by 47,100 and 46,900. If the index advances, 47,700 would be the initial key resistance, followed by 47,900 and 48,000.
Foreign institutional investors (FIIs) net sold shares worth Rs 522.30 crore, while domestic institutional investors (DIIs) purchased Rs 1,208.42 crore worth of stocks on April 1, provisional data from the NSE showed.
INDIAVIX was Negative by 5.84 percent and is currently trading at 12.0825.
Yesterday Nifty made a new all-time high level at 22529.95 levels. We have also witnessed a strong bounce back in mid cap as well as small cap stocks. Hence traders holding long positions should keep trailing stop loss. Investors and traders are advised to buy on dips with a stop loss at 21300 on a closing basis.
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