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 positive on July 29, following GIFT Nifty trends indicating a gain of 150 points for the broader index.
After a gap up opening Nifty can find support at 24,900 followed by 24,850 and 24,800. On the higher side, 25,000 can be an immediate resistance, followed by 25,100 and 25,200.
The charts of Bank Nifty indicate that it may get support at 51,200, followed by 51,000 and 50,900. If the index advances further, 51,500 would be the initial key resistance, followed by 51,700 and 51,800.
The foreign institutional investors (FIIs) turned net buyers as they bought equities worth Rs 2546 crore on July 26, while domestic institutional investors extended their buying as they bought equities worth Rs 2774 crore on the same day.
INDIAVIX was negative on Friday down by 2.93% and is currently trading at 12.2475.
On Friday we have seen strong breakout on Nifty as nifty closed at the all-time high levels. Today Nifty can touch 25000 levels today. If sustains above 25000 levels we can witness up move towards 25200-25300 levels. Traders holding Nifty can hold with a trailing stop loss of 24800 on closing basis.
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