IGI Logo

Below the Quote on Pre-Market Comment by Mandar Bhojane , Choice Broking

On April 16, the benchmark Sensex and Nifty indices are likely to open on a negative note, with trends in the GIFT Nifty indicating a lower start for the broader index, anticipating a loss of 168.50 points.

Indian equity indices extended losses for the second consecutive session on April 15, amidst widespread selling pressure. The Israel-Iran crisis weighed on investor sentiment, dampening risk appetite. Investors are also closely monitoring the March quarter results domestically.

The Nifty's daily chart exhibits a bearish signal following the breakdown of consolidation. Trading below the 22300 level suggests continued bearish pressure towards the 22000 level. On the flip side, immediate resistance levels are anticipated at 22500 and 22600.

Bank Nifty also experienced a correction, closing down approximately 791 points. The next crucial Fibonacci support is positioned at 47440. Therefore, the 47400 – 47300 range constitutes a crucial support zone, while the 48000 – 48200 range serves as the immediate hurdle zone from a short-term perspective. Minor degree bounce backs are recommended to be utilized as selling opportunities.

Foreign institutional investors (FIIs) net sold shares worth Rs 3,268 crore, while domestic institutional investors (DIIs) purchased stocks worth Rs 4,762.93 crore on April 15, according to provisional data from the NSE.

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