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 Ltd
The benchmark Sensex and Nifty indices are expected to open flat on May 17, following GIFT Nifty trends indicating a gain of just 7 points for the broader index.
Nifty can find support at 22,300 followed by 22,250 and 22,200. 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 47,700, followed by 47,500 and 47,300. If the index advances, 48,200 would be the initial key resistance, followed by 48,500 and 48,600.
Foreign institutional investors continued to sell Indian equities, with net sales of Rs 776 crore worth of shares on May 16. Conversely, domestic institutional investors bought Rs 2128 crore worth of equities during the same period.
INDIAVIX was flat to negative yesterday by 1.37 percent and is currently trading at 19.9950.
Yesterday after forming a low of 22054.55 on Nifty markets recovered in the 2nd half and closed at day’s high forming a strong hammer pattern on the daily chart closing above 22400 levels. Traders are advised to hold long positions with trailing stop losses to 22250 levels on a closing basis. Fresh long trades can be made on dips with the above mentioned stop loss.
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