IGI Logo

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

The benchmark Sensex and Nifty indices are expected to open positively on April 12, supported by indications from the GIFT Nifty suggesting a higher start for the broader index, with a gain of 150 points.

On April 10, Indian equity indices concluded higher, with the Nifty reaching a fresh record high and the Sensex nearing its all-time peak ahead of the release of the FOMC minutes and US inflation data.

Nifty is trading near its all-time high, and both the daily and hourly momentum indicators have shown a positive crossover, signaling a buying opportunity. Additionally, the daily Bollinger bands have expanded, indicating increased range, and with prices trending along the upper band, the possibility of sustained upward movement in the upcoming trading sessions is suggested.

Regarding resistance levels, the immediate hurdle is at 22,800, with further potential upside momentum likely towards 23,000. On the downside, support is observed at 22,650–22,600.

Foreign institutional investors (FIIs) net bought shares worth Rs 2,778.17 crore, while domestic institutional investors (DIIs) purchased stocks worth Rs 163.36 crore on April 10, as per provisional data from the NSE.

With Nifty and BankNifty trading at all-time highs, market participants are advised to exercise caution and adopt a more selective, stock-specific approach to their investments.

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