Pre-Market Comment by Hardik Matalia, Derivative Analyst, Choice Broking Ltd
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The benchmark Sensex and Nifty indices are expected to open positive on Sept 24, following GIFT Nifty trends indicating a gains of 37 points for the broader index.
After a positive opening, Nifty can find support at 25,850 followed by 25,800 and 25,750. On the higher side, 26,000 can be an immediate resistance, followed by 26,050 and 26,100.
The charts of Bank Nifty indicate that it may get support at 53,800, followed by 53,700 and 53,500. If the index advances further, 54,300 would be the initial key resistance, followed by 54,400 and 54,500.
The foreign institutional investors (FIIs) bought equities worth Rs 404 crore on September 23, while domestic institutional investors purchased equities worth Rs 1022 crore on the same day.
INDIAVIX was positive Yesterday up by 7.78% and is currently trading at 13.7850.
Yesterday, Indian markets reached a new record high of 25,956, extending gains for the third consecutive session and closing near all-time highs. The rally was supported by positive global sentiment, driven by the Federal Reserve’s rate cut, boosting investor confidence. On the downside, immediate support for the Nifty is seen at 25,800, followed by 25,750. On the upside, 26,000 and 26,100 are key resistance levels, and a break above these could drive the market towards 26,250. Traders with long positions are advised to maintain them, with a trailing stop loss set at 25,700 on a closing basis.
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