Pre market comment Deven Mehata, Research Analyst, Choice Broking
Below the Quote on Pre market comment Deven Mehata, Research Analyst, Choice Broking
The benchmark Sensex and Nifty indices are expected to trade higher on June 4, following GIFT Nifty trends indicating a gain of 30 points for the broader index.
Nifty can find support at 23,100 followed by 23,000 and 22,950. On the higher side, 23,350 can be an immediate resistance, followed by 23,500 and 23,700.
The charts of Bank Nifty indicate that it may get support at 50,700, followed by 50,600 and 50,500. If the index advances further, 51,200 would be the initial key resistance, followed by 51,500 and 51,800.
The Foreign institutional investors (FIIs) extended their buying on June 3 as they bought Indian equities worth Rs 6,850.76 crore , while domestic institutional investors also bought equities worth Rs 1,913.98 crore on the same day.
INDIAVIX was Negative by 14.90% yesterday and is currently trading at 20.9375.
Yesterday we have seen sharp short covering and buying from FII’s post exit polls of the general elections in INDIA. Today we have the final counting of votes and hence the market can be volatile for the day. Traders holding long positions in Nifty should hold with a strict stop loss of 23000 on closing basis.
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