Pre-Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
Below the Quote on Pre-Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
The benchmark Sensex and Nifty indices are likely to open in the red on June 24, following cues from GIFT Nifty, which is trading near 23,430.5 with a loss of 80 points.
The Nifty has been trading in the 23,400 to 23,670 range. If Nifty breaks the 23,400 level, it could further correct down to the 23,000 and 22,800 levels. On the flip side, the 23,800 level acts as strong resistance. If the index breaks this level, it could reach an all-time high near the 24,000 level.
Bank Nifty is also trading near its all-time high, just below the 52,000 level. If Bank Nifty breaks below the 51,000 level, it could undergo a correction down to the 50,200 and 50,000 levels. On the flip side, the 52,000 level acts as immediate resistance. If the index manages to close above this level, it could rise to 52,500 and 53,000 in the coming days.
After being net buyers for the first three days of last week, Foreign Institutional Investors (FIIs) sold equities worth Rs 1,790 crore on June 21, while Domestic Institutional Investors (DIIs) bought equities worth Rs 1,237 crore on the same day.
The market is expected to remain volatile. Hold your positions with a trailing stop-loss. Any dip will be a buying opportunity as the overall trend remains bullish.
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