Pre-Market Comment by Hardik Matalia , Research Analyst, Choice Broking
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Below the Quote on Pre-Market Comment by Hardik Matalia, Derivative Analyst, Choice Broking
The benchmark Sensex and Nifty indices are likely to open marginally higher on September 10, as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 50 points.
On the daily chart, the Nifty shows a reversal sign from the 24,750 level and has closed strongly above the 20 EMA at 24,903, indicating a strong closing with significant volume. If the price sustains above the 24,900 level, it could potentially move up to the 25,250 level in the coming days. On the flip side, the 24,650 level will act as an immediate support level.
Analyzing the market further, the Relative Strength Index (RSI) momentum indicator currently suggests some strength, hovering around the 54.3 level. However, specific sectors within the Nifty 50 index show mixed performance. The FMCG and Bank indices are up by 1 percent each, while sectors such as Capital Goods, Information Technology, Metal, Telecom, Media, Oil & Gas, Power, and Realty are down by 0.3 to 1 percent.
Foreign institutional investors (FIIs) turned net buyers on September 9, purchasing equities worth Rs 1,176 crore, while domestic institutional investors bought equities worth Rs 1,757 crore on the same day.
In such a scenario, where clear trends are lacking in both the Nifty and Bank Nifty, it is advisable for market participants to exercise caution and adopt a more selective, stock-specific approach to their investments.
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