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Below the Quote on Pre-market comment 29th Aug 2025 by Amruta Shinde, Technical & Derivative Analyst, Choice Broking

"Indian benchmark indices are likely to open on a flat note today, with the GIFT Nifty indicating a modest uptick of around 28 points in the Nifty 50. Market sentiment remains cautiously optimistic; however, persistent volatility and mixed global cues continue to weigh on investor confidence.

In the previous session, the Nifty opened weak, attempted an intraday rebound but failed to sustain, and eventually slipped to a fresh low. It formed a strong bearish candle on the daily chart, highlighting continued selling pressure. Technically, a decisive move above 24,700 could open the way toward 24,850 and 25,000, while immediate support is placed at 24,337, followed by the 200-day EMA at 24,260—levels that may attract fresh long positions.

Bank Nifty also extended its losing streak, closing lower for the fifth consecutive session. The index slipped below the crucial 54,000 mark, reinforcing bearish momentum. Key support levels are placed at 53,570 (200-day EMA) and 53,480, while resistance is seen in the 54,000–54,450 zone. A breakout above this resistance band could pave the way for a rebound toward the psychological 54,850 level.

On the flows front, foreign institutional investors (FIIs) continued their selling spree for the fourth straight day, offloading equities worth ?3,856 crore on August 28. In contrast, domestic institutional investors (DIIs) remained net buyers, purchasing equities worth ?6,920 crore.

Given the prevailing uncertainty and heightened volatility, traders are advised to maintain a cautious “wait-and-watch” approach, especially in leveraged positions. Booking partial profits on rallies and employing tight trailing stop-losses remain prudent strategies to manage risk. Fresh long positions should be considered only if the Nifty sustains above the 24,700 level. Overall, the outlook remains cautiously bullish, with close monitoring of key breakout levels and global market developments recommended."

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