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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 strong note on May 3 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 104.50 points.

After a gap up opening nifty can find support at 22,650 followed by 22,600 and 22,550. On the higher side, 22,800 can be an immediate resistance, followed by 22,850 and 22,900.

The charts of Bank Nifty indicate that it may get support at 49,200, followed by 49,050 and 49,000. If the index advances, 49,500 would be the initial key resistance, followed by 49,600 and 49,900.

Foreign institutional investors (FIIs) net sold Rs 964.47 crore shares, while domestic institutional investors (DIIs) pumped in Rs 1,352.44 crore on May 2, provisional data from the NSE showed.

INDIAVIX was positive by 4.47 percent and is currently trading at 13.4450. Indian markets are ready to move towards the fresh all-time high levels on Nifty. If the Nifty manages to close above 22750 we can witness a new high near 23000 in the coming week. Traders are advised to trail stop loss on their long position at 22600 on closing basis.

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