Quote on Pre-market comment 23th July 2025 by Mandar Bhojane, Senior Technical & Derivative Analyst, Choice Broking
Below the Quote on Pre-market comment 23th July 2025 by Mandar Bhojane, Senior Technical & Derivative Analyst, Choice Broking
Indian benchmark indices are expected to open on a positive note today, as indicated by the GIFT Nifty, which suggests a marginal uptick of around 70 points in the Nifty 50. Market sentiment remains cautiously optimistic amid heightened volatility and mixed global cues.
In the previous session, Nifty opened with a gap-up but failed to sustain its gains, trading sideways throughout the day before closing in the red. A strong bearish candlestick formed on the daily chart, reflecting a rejection from the 20-day EMA, which indicates rising selling pressure and hints at potential short-term weakness. Key support is placed at 25,000, and a decisive break below 24,900 could accelerate the downside momentum. On the upside, resistance is capped at 25,250, with the next hurdle in the 25,300–25,500 zone.
Bank Nifty also ended the day lower, shedding 196.75 points and forming a strong bearish candle on the daily timeframe, signaling increased selling pressure and a likely pause in the recent bullish trend. Immediate support is seen at 56,500, followed by a critical zone between 56,300 and 56,000. A breakdown below this zone could trigger further weakness, while resistance is placed at 57,000, with 57,200 acting as the next level to reclaim for bullish continuation.
On the institutional front, Foreign Institutional Investors (FIIs) extended their selling streak for the second consecutive session, offloading equities worth Rs.3,548 crore. In contrast, Domestic Institutional Investors (DIIs) remained consistent buyers for the 12th straight day, investing Rs.5,239 crore into equities.
Given the current market landscape, traders are advised to adopt a cautious 'buy-on-dips' strategy, especially when trading with leverage. Booking partial profits during up-moves and maintaining tight trailing stop-losses will be crucial for effective risk management. Fresh long positions should be considered only if the Nifty sustains above the 25,250 mark. While the broader market undertone remains cautiously bullish, close attention to key technical levels and global developments is essential.
Above views are of the author and not of the website kindly read disclaimer
