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Pre-market comment by Deven Mehata, Equity Research Analyst Choice Broking Ltd

Morning outlook for 03rd Oct 2023

The benchmark Sensex and Nifty indices are expected to open lower on October 3 as trends in the GIFT Nifty indicate a negative start for the broader index.

The charts indicate that the Nifty may get support at 19,550, followed by 19,500 and 19,450. If the index advances, 19,675 would be the initial key resistance level to watch out for, followed by 19,720 and 19,750.

Foreign institutional investors (FII) sold shares worth Rs 1,685.70 crore, while domestic institutional investors (DII) bought Rs 2,751.49 crore worth of stocks on September 29, provisional data from the National Stock Exchange (NSE) showed.

After a long weekend Indian markets are ready to open with a gap down with negative global markets. The rising Dollar index and increase in the US bond yield has put pressure on Equity markets globally. Traders should be cautious and trade with proper stop losses around 19500 on Nifty.

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