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 flat to positive on July 26, following GIFT Nifty trends indicating a gain of 20 points for the broader index.
Nifty can find support at 24,300 followed by 24,350 and 24,200. On the higher side, 24,500 can be an immediate resistance, followed by 24,550 and 24,600.
The charts of Bank Nifty indicate that it may get support at 50,600, followed by 50,500 and 50,300. If the index advances further, 51,000 would be the initial key resistance, followed by 51,200 and 51,500.
The foreign institutional investors (FIIs) extended their selling as they sold equities worth Rs 2605 crore on July 25, while domestic institutional investors extended their buying as they bought equities worth Rs 2431 crore on the same day.
INDIAVIX was positive yesterday up by 7.27% and is currently trading at 12.6175.
Yesterday, we witnessed a high volatility in US markets, led by a decline in the Nasdaq. Indian markets are set to open flat today. Yesterday Indian markets recovered from lower levels and managed to close above 24400 levels. Traders holding long positions can hold for the target of 24550-24600 levels with a strict stop loss of 24300 levels on a closing basis.
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