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

The Indian stock market is poised for a positive start today, with the benchmark Sensex and Nifty indices expected to open gap-up. The GIFT Nifty's upward trend suggests a promising beginning for the broader index, indicating a potential gain of 25 points.

On 30^th April 2024 highly volatile session, the market experienced fluctuations as it erased intraday gains and closed lower. This downturn was attributed to selling pressure in sectors such as IT, metal, media, and oil & gas. Additionally, the decision by the Federal Reserve to keep rates unchanged, citing a 'lack of further progress' on inflation, influenced market sentiment.

On the technical front, analysis of the Nifty daily chart reveals key support and resistance levels. If prices breach the 22,700 level again, there is potential for an upward movement towards 22,900 and 23,000 in the near future, with immediate support seen at 22,500. Similarly, for the Bank Nifty, crossing the 49,600 level could lead to further gains, possibly reaching 50,000 and even 50,500, with 49,000 acting as immediate support.

In terms of investor activity, foreign institutional investors (FIIs) net bought Rs 1,071.93 crore worth of shares, while domestic institutional investors (DIIs) injected Rs 1,429.11 crore into the market on April 30th, according to provisional data from the NSE.

Given the market dynamics, traders and investors are advised to seize buying opportunities during Nifty dips while implementing effective stop-loss strategies below the mentioned support levels. This cautious approach can help mitigate risks and capitalize on potential gains in today's trading session.

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