Pre-market comment Deven Mehta, by Choice Broking
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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 mildly in the green on May 18, following GIFT Nifty trends that ended with 46 points gain overnight.
Nifty can find support at 22,400 followed by 22,350. On the higher side, 22,550 can be an immediate resistance, followed by 22,600.
The charts of Bank Nifty indicate that it may get support at 48,000, followed by 47,800. If the index advances, 48,300 would be the initial key resistance, followed by 48,500.
Foreign institutional investors bought Indian equities on May 17, with net buying of Rs 1,616 crore worth of shares. Domestic institutional investors, too, bought Rs 1,556 crore worth of equities during the same period.
INDIAVIX was flat to negative yesterday by 0.99 percent and is currently trading at 19.7975.
Today, Saturday, Indian markets will be open for a half-day, with trading hours from 9.15 AM to 10 AM and 11.30 AM to 12.30 PM. This trading session could have minimal volumes. Traders should evaluate the above-mentioned support and resistance levels and trade with a strict stop loss.
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