IGI Logo

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 04, following GIFT Nifty trends indicating a gain of 101 points for the broader index.

After a gap up opening Nifty can find support at 24,250 followed by 24,200 and 24,100. On the higher side, 24,400 can be an immediate resistance, followed by 24,500 and 24,550.

The charts of Bank Nifty indicate that it may get support at 53,000, followed by 52,800 and 52,700. If the index advances further, 53,500 would be the initial key resistance, followed by 53,700 and 53,800.

The foreign institutional investors (FIIs) turned net buyers as they sold equities worth Rs 5,483.63 crore on July 3, while domestic institutional investors sold equities worth Rs 924 crore.

INDIAVIX was negative yesterday down by 3.19% and is currently trading at 13.2050.

Indian markets are forming fresh all-time highs on a daily basis. We have also seen strong FII’s buying yesterday. Traders holding a long position should hold with a trailing stop loss of 24200 on a closing basis for the short term target of 24500 levels. It is also advised to book some profits near 24500 levels today on the weekly expiry of Nifty.

Above views are of the author and not of the website kindly read disclaimer