Pre-market comment by Deven Mehata, Choice Broking Ltd
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 higher on April 29 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 71.50 points.
After a gap up opening nifty can find support at 22,400 followed by 22,400 and 22,350. On the higher side, 22,500 can be an immediate resistance, followed by 22,550 and 22,600.
The charts of Bank Nifty indicate that it may get support at 48,100, followed by 48,000 and 47,900. If the index advances, 48,500 would be the initial key resistance, followed by 48,700 and 48,800.
Foreign institutional investors (FIIs) net sold Rs 3,408.88 crore shares, while domestic institutional investors (DIIs) pumped in Rs 4,356.83 crore on April 26, provisional data from the NSE showed.
INDIAVIX was flat to positive by 1.82 percent and is currently trading at 10.9250.
On Friday, US markets traded higher. Indian markets might trade in a range following a gap up opening. Traders are encouraged to take profits on the upper end. Traders can also purchase on dips at 22350-22300, with a strict stop loss of 22250 on closing basis.
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