Pre-market comment by Deven Mehata , Choice Broking
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Below the Quote on Pre-Market Comment by Deven Mehata , Research Analyst, Choice Broking
The benchmark Sensex and Nifty indices are expected to open positive on July 12, following GIFT Nifty trends indicating a gain of 60 points for the broader index.
Nifty can find support at 24,300 followed by 24,200 and 24,150. On the higher side, 24,400 can be an immediate resistance, followed by 24,450 and 24,500.
The charts of Bank Nifty indicate that it may get support at 52,000, followed by 51,800 and 51,700. If the index advances further, 52,500 would be the initial key resistance, followed by 52,700 and 52,800.
The foreign institutional investors (FIIs) turned net sellers on July 11 as they sold equities worth Rs 1,137 crore, while domestic institutional investors bought equities worth Rs 1,676 crore.
INDIAVIX was negative yesterday down by 3.03% and is currently trading at 13.9950.
Yesterday again we saw a sharp down move in Nifty on its weekly expiry but a strong bounce back helped Nifty to close above 24300 levels. Today we can witness a volatile session in markets where traders are advised to book profits near the resistance of 24400-24450 levels and should enter long positions on dips near the support level of 24300-24250 levels with a strict stop loss of 24200 on closing basis.
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