Pre-Market Comment by Deven Mehata, Derivative Analyst, Choice Broking Ltd
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Below the Quote on Pre-Market Comment by Deven Mehata, Derivative Analyst, Choice Broking Ltd
The benchmark Sensex and Nifty indices are expected to open positive on Aug 26, following GIFT Nifty trends indicating a gain of 60 points for the broader index.
Nifty can find support at 24,750 followed by 24,700 and 24,650. On the higher side, 24,900 can be an immediate resistance, followed by 25,000 and 25,050.
The charts of Bank Nifty indicate that it may get support at 50,700, followed by 50,500 and 50,300. If the index advances further, 51,100 would be the initial key resistance, followed by 51,300 and 51,500.
The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 1,944 crore on August 23, while domestic institutional investors also bought equities worth Rs 2896 crore on the same day.
INDIAVIX was positive on Friday up by 4.25% and is currently trading at 13.5525.
The Indian markets are forming higher high higher low formation indicating strength in the markets. Nifty can attempt towards 25000 levels in the last week of the month with monthly expiry in this week. Global markets are also performing well which will give support for Nifty. Traders holding long positions can book profits near 25000 levels. Also traders can buy on dips near 24700 with a stop loss of 24600 on a closing basis.
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