IGI Logo

Below the Quote on Pre-Market Comment by Hardik Matalia, Derivative analyst, Choice Broking Ltd

The benchmark Sensex and Nifty indices are expected to open positive on Oct 07, following GIFT Nifty trends indicating a gain of 70 points for the broader index.

After a positive opening, Nifty can find support at 25,000 followed by 24,900 and 24,750. On the higher side, 25,150 can be an immediate resistance, followed by 25,250 and 25,300.

The charts of Bank Nifty indicate that it may get support at 51,200, followed by 51,000 and 50,700. If the index advances further, 51,800 would be the initial key resistance, followed by 52,000 and 52,200.

The foreign institutional investors (FIIs) sold equities worth Rs 9,896.95 crore on October 4, while domestic institutional investors purchased equities worth Rs 8905 crore on the same day.

INDIAVIX was positive on Friday up by 7.27% and is currently trading at 14.1275.

On Friday, the Indian markets witnessed a volatile trading session, with persistent selling pressure driving the indices lower for the fifth consecutive day. The benchmarks closed near the critical 25,000 mark, reflecting cautious investor sentiment amid escalating geopolitical tensions. In contrast, global markets showed positive momentum, ending on a higher note due to a stronger-than-expected jobs report. Looking ahead, key resistance levels are identified at 25,250 and 25,300. For the market to maintain a bullish outlook, it must hold above the 25,500 mark. On the downside, immediate support is at 24,900, followed by 24,750. A break below these levels could lead to increased selling pressure. Traders are advised to exercise caution and adhere to strict stop-loss levels. Additionally, it is recommended to avoid carrying long positions overnight to mitigate potential risks from market volatility.

Above views are of the author and not of the website kindly read disclaimer