IGI Logo

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

Indian stock markets, represented by the Sensex and Nifty 50, are anticipated to open flat today, November 12. Early trading in the GIFT Nifty shows levels around 24,224.5, suggesting a cautious start.

Asian markets are showing mixed performances this Tuesday as investors remain wary. Meanwhile, in the U.S., Wall Street's key indexes surged to record highs on Monday, buoyed by stocks expected to benefit from President-elect Donald Trump’s proposed fiscal policies.

The Nifty index has been trading within a limited range of 24,000 to 24,350, with no clear directional breakout. The momentum indicator RSI signals a bullish crossover, hinting at potential upward movement. Additionally, the formation of an inverted hammer on the daily chart suggests a possible bullish reversal. If momentum builds, Nifty could rise towards the 24,500-24,550 zone, while strong support remains at 24,000.

Bank Nifty is trading in a sideways range, fluctuating between 51,200 and 52,400. Selling pressure is evident at resistance levels, while buying interest around support levels keeps it range-bound. A breakout above the 52,400 level could lead to an upward move towards 52,800-53,000. Conversely, immediate support for Bank Nifty is found at 51,200 and 51,000.

On November 11, foreign institutional investors (FIIs) continued their selling trend, offloading equities worth Rs 2,306 crore. Meanwhile, domestic institutional investors (DIIs) stepped in, buying equities worth Rs 2,026 crore, lending some support to the market.

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