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 flat to positive on July 16, following GIFT Nifty trends indicating a gain of 15 points for the broader index.
Nifty can find support at 24,500 followed by 24,450 and 24,400. On the higher side, 24,650 can be an immediate resistance, followed by 24,700 and 24,800.
The charts of Bank Nifty indicate that it may get support at 52,200, followed by 52,000 and 51,800. If the index advances further, 52,700 would be the initial key resistance, followed by 52,800 and 53,000.
The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 2684 crore, while domestic institutional investors extended their selling as they sold equities worth Rs 331 crore, on July 15.
INDIAVIX was positive yesterday up by 3.37% and is currently trading at 14.1875.
Yesterday, both the Nifty and the Bank Nifty saw substantial gains. During its weekly expiry in today's session, Bank Nifty could face volatility. Robust purchases by FIIs will support the market's upward trajectory. Traders holding long positions in Nifty can hold for the target of 24600 levels with a trailing stop loss of 24400 on closing basis.
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