Pre-Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
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Below the Quote on Post-Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
The benchmark Sensex and Nifty indices are expected to open flat to slightly negative on July 7, following the trend in GIFT Nifty, which suggests a potential loss of 30 points for the broader index.
Nifty is likely to find support at 24,200, followed by 24,100 and 24,000. On the upside, immediate resistance is seen at 24,400, with further levels at 24,450 and 24,500.
The charts for Bank Nifty indicate possible support levels at 52,200, followed by 52,000 and 51,800. If the index moves higher, key resistance levels to watch are 53,000, 53,100, and 53,300.
Foreign institutional investors (FIIs) bought equities worth Rs 1,241 crore on July 5, while domestic institutional investors sold equities worth Rs 1,651 crore.
INDIA VIX showed a decrease of 1.24% yesterday, trading currently at 12.6950.
On Friday, after a gap-down opening, the market reversed and closed above the 25,300 level, indicating a strong finish. A bullish piercing candlestick pattern formed on the daily chart suggests the market may sustain its bullish trend. As the market trades near all-time high levels, investors and traders can consider maintaining their positions with appropriate stop-loss orders.
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