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 expected to open on a positive note on April 15, tracking GIFT Nifty trends that indicate a gain of around 350 points for the broader index.
After the positive opening, Nifty is likely to find support at 23,000, followed by 22,900 and 22,800. On the upside, 23,200 may act as the immediate resistance, followed by 23,360 and 23,500.
Bank Nifty charts indicate potential support at 51,200, followed by 51,000 and 49,700. If the index moves higher, resistance could emerge at 50,700, with subsequent levels at 51,000 and 50,800.
The Relative Strength Index (RSI) is currently at 48.35 and trending upward, signaling improving strength. Meanwhile, the Stochastic RSI has shown a positive crossover, suggesting short-term bullish momentum.
On the institutional front, Foreign Institutional Investors (FIIs) continued their selling streak for the ninth consecutive session on April 11, offloading equities worth Rs.2,519 crore. In contrast, Domestic Institutional Investors (DIIs) remained net buyers, purchasing equities worth Rs.3,759 crore on the same day.
Market volatility has eased, as the India VIX dropped by 6.17% to 20.1075, indicating reduced fear after a recent spike. Open Interest (OI) data reveals heavy call writing at the 23,000 and 23,200 levels, suggesting strong resistance. On the other hand, robust put writing at 22,500 reflects a strong support base.
Overall, while the bulls seem to hold the current momentum, intraday volatility and profit booking near resistance zones remain likely. Traders are advised to remain cautious near upper resistance levels and consider buying on dips toward key support zones.
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