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Below the Quote on Pre-market comment by Mandar Bhojane, Choice Broking

The benchmark Sensex and Nifty indices are likely to open with marginal gains on the back of positive global cues. The indices broke their three-day losing streak and ended on a positive note with buying seen across the sectors on January 19.

On the daily chart, Nifty formed a neutral candlestick at the bottom, reflecting indecisiveness among buyers and sellers. Crucial support is positioned at 21,500–21,400, while resistance is situated at 21,800–21,850. Overall, the trend remains positive, and the current dip should be perceived as a buying opportunity.

Analyzing the Bank Nifty on the daily chart reveals that it is currently trading below the 20, 50, and 100 Exponential Moving Averages (EMAs), indicating bearish pressure in the market. Despite this, the Bank Nifty is holding support at the 45,500 level, suggesting a degree of price stability.

A crucial development to watch for is if the price manages to surpass the 46,400 level. If this occurs, it has the potential to propel the Bank Nifty towards the 47,200 mark in the coming days. On the downside, the 45,400 level acts as an immediate support, providing a buffer against further declines. However, the 45,000 level is identified as a crucial support, and a breach below this level could signal increased bearish momentum in the market.

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