IGI Logo

Below the Quote on Pre-Market Comment 28th July 2025 by Hardik Matalia, Research Analyst, Choice Broking Ltd

The benchmark Sensex and Nifty indices are expected to open on a negative note on July 29, following GIFT Nifty trends indicating a loss of 46 points for the broader index.

After a negative opening, Nifty can find support at 24,600 followed by 24,500 and 24,300. On the higher side, 24,800 can be an immediate resistance, followed by 24,900 and 25,000.

The charts of Bank Nifty indicate that it may get support at 56,000 followed by 55,800 and 55,500. If the index advances further, 56,400 would be the initial key resistance, followed by 56,700 and 57,000.

The selling from Foreign institutional investors (FIIs) extended for the sixth day as they sold equities worth Rs 6,082 crore on July 28, while Domestic institutional investors (DIIs) bought equities worth Rs 6,764 crore on the same day.

INDIAVIX was positive Yesterday up by 6.98% and is currently trading at 12.0625.

Yesterday, the Indian equity markets opened on a flat note but failed to hold their opening levels, as selling pressure intensified during the session. This dragged the Nifty lower, and the index ended the day on a negative note, closing below the 24,700 mark. On the daily chart, the Nifty formed a bearish-bodied candle with a noticeable upper wick, indicating selling pressure at higher levels and a lack of buying conviction. Global cues remained mixed, adding to the cautious undertone. Foreign Institutional Investors (FIIs) continued their selling streak, signaling persistent pressure on the broader market sentiment. From a technical standpoint, immediate support for the Nifty is placed in the 24,600–24,500 range. A breakdown below this zone could lead to further downside, with the next support levels seen at 24,300 and 24,200. On the upside, resistance is seen in the 24,800–25,000 zone. A sustained move above 25,000 is crucial for any meaningful pause in the ongoing selling pressure. As long as the index trades below the 25,000 mark, the short-term outlook remains weak, and a ‘sell-on-rise’ strategy is advisable. Traders should remain cautious and manage risk actively amid rising intraday volatility.

Above views are of the author and not of the website kindly read disclaimer