Pre market comment Deven Mehata, Research Analyst, Choice Broking
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Below the Quote on Pre market comment Deven Mehata, Research Analyst, Choice Broking
The benchmark Sensex and Nifty indices are expected to open gap-up on June 3, following GIFT Nifty trends indicating a gain of 842 points (3.71 percent) for the broader index.
After a huge gap up opening Nifty can find support at 23,200 followed by 23,100 and 23,000. On the higher side, 23,650 can be an immediate resistance, followed by 23,700 and 23,800.
The charts of Bank Nifty indicate that it may get support at 50,000, followed by 49,900 and 49,800. If the index advances further, 50,300 would be the initial key resistance, followed by 50,500 and 50,700.
The Foreign institutional investors (FIIs) turned net buyers on the final day of the month, as they bought Indian equities worth Rs 1,613.24 crore , while domestic institutional investors bought equities worth Rs 2,114.17 crore on May 31.
INDIAVIX was flat to positive on Friday and is currently trading at 24.6025.
After the exit poll on Saturday evening, Indian markets are ready for the big gap up opening. Traders holding the long position are advised to book profits after a gap up opening before the results of the general elections 2024. Investors are advised to hold a long position with a trailing stop loss of 23000 on closing basis.
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