IGI Logo

Below the Quote On Pre-market comment by Deven Mehata, Research Analyst, Choice Broking Ltd

The benchmark Sensex and Nifty indices are expected to open flat with negative bias on May 23, following GIFT Nifty trends indicating a loss of just 33 points for the broader index.

Nifty can find support at 22,530 followed by 22,500 and 22,450. On the higher side, 22,650 can be an immediate resistance, followed by 22,750 and 22,800.

The charts of Bank Nifty indicate that it may get support at 47,600, followed by 47,500 and 47,300. If the index advances, 48,000 would be the initial key resistance, followed by 48,200 and 48,400. Foreign institutional investors sold Indian equities worth Rs 686 crore on May 22. Conversely, domestic institutional investors bought Rs 961 crore worth of equities during the same period. INDIAVIX was flat to negative yesterday by 1.57 percent and is currently trading at 21.4675. Yesterday was a mixed day for Indian markets, with the Nifty closing up but the Bank Nifty trading negative on the weekly expiry. Today, we can expect a flat to bullish move on the Nifty between 22500 and 22700 levels. Traders can enter long positions on dips near support levels and take gains near resistance levels.

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