Pre-market comment by Mandar Bhojane,Choice Broking
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Below the Quote on Pre-market comment by Mandar Bhojane, Research Analyst, Choice Broking Ltd
The Sensex and Nifty are likely to open on a negative note on April 5th as trends in the GIFT Nifty indicate a weak start for the broader index, with a loss of 73 points.
On April 4th, the key Indian stock indices surged to new peaks, though they experienced fluctuations throughout the trading day. Despite some retracement from their highs, they ultimately ended the session in positive territory. This volatility came ahead of the Reserve Bank of India's impending policy announcement, keeping investors on edge.
Analysis of the Nifty trading at an all-time high level suggests that if the index manages to close above the 22,600 level, it could extend its upward movement towards 22,800 and 23,000 in the forthcoming days. On the downside, immediate support levels are seen at 22,300 and 22,200.
Foreign institutional investors (FIIs) net sold shares worth Rs 1,136.47 crore, while domestic institutional investors (DIIs) offloaded Rs 893.11 crore worth of stocks on April 4th, provisional data from the NSE showed.
Nifty & BankNifty are trading at all-time highs, so it is advisable for market participants to exercise caution and adopt a more selective, stock-specific approach to their investments.
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