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 positive note on April 30 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 50 points.
After a gap up opening nifty can find support at 22,600 followed by 22,550 and 22,500. On the higher side, 22,750 can be an immediate resistance, followed by 22,800 and 22,900.
The charts of Bank Nifty indicate that it may get support at 49,250, followed by 49,050 and 49,000. If the index advances, 49,700 would be the initial key resistance, followed by 49,900 and 50,000.
Foreign institutional investors (FIIs) net bought Rs 169.09 crore shares, while domestic institutional investors (DIIs) pumped in Rs 692.05 crore on April 29, provisional data from the NSE showed.
INDIAVIX was positive by 11.99 percent and is currently trading at 12.2350.
Yesterday, we saw a significant breakout on the Bank Nifty index, which reached a new lifetime high of 49473.60 and closed near its day's high of 49242.05. This breakout signals market strength. In the following days, the Bank Nifty could rise further and move towards 50,000 and 50,500 levels.
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