Pre Market Comment by Deven Mehata, Research Analyst, 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 gap-up on May 31, following GIFT Nifty trends indicating a gain of 53 points for the broader index.
Nifty can find support at 22,400 followed by 22,350 and 22,300. On the higher side, 22,550 can be an immediate resistance, followed by 22,600 and 22,650.
The charts of Bank Nifty indicate that it may get support at 48,500, followed by 48,400 and 48,200. If the index advances, 48,800 would be the initial key resistance, followed by 48,900 and 49,000.
The Foreign institutional investors (FIIs) extended their selling for the second day as they sold Indian equities worth Rs 3050.15 crore on May 30, while domestic institutional investors provided support as they bought equities worth Rs 3,432.92 crore on the same day.
INDIAVIX was flat yesterday and is currently trading at 24.1750.
Yesterday on the monthly expiry we witnessed a sharp fall in Nifty where Nifty failed to close above 22500 levels but Bank Nifty performed well and closed above 48500 levels at 48682.35 levels. Traders should be cautious in overnight positions and are recommended to trade intraday with strict stop loss.
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