Pre-Market Comment by Deven Mehata , Research Analyst, Choice Broking
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 negative on July 01, following GIFT Nifty trends indicating a loss of 15 points for the broader index.
Nifty can find support at 23,900 followed by 23,850 and 23,800. On the higher side, 24,100 can be an immediate resistance, followed by 24,200 and 24,250.
The charts of Bank Nifty indicate that it may get support at 52,200, followed by 52,000 and 51,900. If the index advances further, 52,500 would be the initial key resistance, followed by 52,650 and 52,800.
The Foreign institutional investors (FIIs) sold equities worth Rs 23 crore on June 28. In comparison, domestic institutional investors bought equities worth Rs 6,658 crore on Friday.
INDIAVIX was flat to negative on Friday by 2.47% and is currently trading at 13.8025.
We have witnessed some profit booking in Nifty and bank nifty index from higher levels. Traders holding a long position can hold with a trailing stop loss of 23900 on a closing basis. Fresh long positions can be made on dips near support levels for the target of 24200 levels and higher.
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