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Below the Pre-Market Comment by Hardik Matalia, Derivative Analyst, Broking Ltd

The benchmark Sensex and Nifty indices are expected to open positive on Sept 20, following GIFT Nifty trends indicating a gains of 37 points for the broader index.

After a positive opening, Nifty can find support at 25,350 followed by 25,300 and 25,250. On the higher side, 25,500 can be an immediate resistance, followed by 25,600 and 25,650.

The charts of Bank Nifty indicate that it may get support at 52,800, followed by 52,700 and 52,500. If the index advances further, 53,200 would be the initial key resistance, followed by 53,300 and 53,500.

The foreign institutional investors (FIIs) turned net sellers as they sold equities worth Rs 2547 crore on September 19, while domestic institutional investors extended their buying as they bought equities worth Rs 2012 crore on the same day.

INDIAVIX was negative Yesterday down by 6.75% and is currently trading at 12.4700.

Yesterday, the Indian markets reached a new record high of 25,611.95 but were unable to sustain these higher levels. Selling pressure dragged the index lower, and it closed near 25,400, forming a shooting star candlestick pattern on the daily charts. In contrast, global markets displayed positive sentiment, trading near all-time highs. On the downside, immediate support for the Nifty is observed at 25,350, followed by 25,250. On the upside, 25,550 and 25,650 serve as immediate resistance levels, and a break above these could push the markets towards the 25,800-26,000 range. Traders holding long positions are advised to maintain them, with a trailing stop loss set at 25,200 on a closing basis.

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