Pre-market comment for Thursday October 5 By Ameya Ranadive, Choice Broking
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Below Pre-market comment for Thursday October 5 By Ameya Ranadive CMT CFTe, Equity Research Analyst Choice Broking
The Sensex and Nifty indices are poised to open slightly higher today, with GIFT Nifty trends indicating a positive start. In the previous session, the BSE Sensex dropped by 286 points to reach 65,226, while the Nifty50 declined by 93 points to close at 19,436. The daily chart formed a Dragonfly Doji candle, characterized by nearly identical open and close prices and a long lower shadow.
Nifty has found strong support within the demand zone at 19,340. For positional traders, it is prudent to set a stop-loss at today's low of 19,333 and consider buying on dips, provided the price remains above this level. On the upside, it's crucial to monitor immediate resistance levels at 19,500 to 19,600, while on the downside, 19,300 to 19,200 are significant support levels for the Nifty.
Further analysis reveals that the Relative Strength Index (RSI) momentum indicator currently suggests a potential reversal from the oversold region, hovering around the 40.15 level. However, apart from FMCG and Information Technology sectors, all other indices ended lower, with auto, capital goods, power, PSU bank, healthcare, metal, and realty sectors down by 1-3 percent.
In a situation where clear trends are absent in both the Nifty and Bank Nifty, it is advisable for market participants to exercise caution and adopt a more selective, stock-specific approach to their investments.
Above views are of the author and not of the website kindly read disclaimer
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