Quote on Pre-Market Comment by Hardik Matalia, Research Analyst, Choice Broking Ltd
Below the Quote on Pre-Market Comment by Hardik Matalia, Research Analyst, Choice Broking Ltd
The benchmark Sensex and Nifty indices are expected to open on a negative note on Apr 30, following GIFT Nifty trends indicating a loss of 102 points for the broader index.
After a negative opening, Nifty can find support at 24,200 followed by 24,100 and 24,000. On the higher side, 24,400 can be an immediate resistance, followed by 24,500 and 24,700.
The charts of Bank Nifty indicate that it may get support at 55,000 followed by 54,700 and 54,400. If the index advances further, 55,600 would be the initial key resistance, followed by 55,900 and 56,200.
The Foreign institutional investors (FIIs) buying continued on 10th consecutive session on April 29 as they bought equities worth Rs 2385 crore. Domestic institutional investors (DIIs) also extended their buying on third day as they purchased equities of Rs 1369 crore.
INDIAVIX was positive Yesterday up by 2.54% and is currently trading at 17.3700.
Yesterday, the Indian markets opened with a strong gap-up, but failed to sustain higher levels and traded sideways throughout the session. The Nifty index managed to hold above the 24,300 mark, eventually ending the day flat at 24,335.95. Positive cues from global markets, coupled with continued buying by Foreign Institutional Investors (FIIs), supported investor and trader sentiment in the domestic market. On the downside, immediate support is placed at the 24,200 level, with a stronger base near the 24,000 zone. On the upside, the 24,500 level remains a key resistance. A decisive breakout above this level could pave the way for a rally towards the 24,700 mark. Given the current momentum, traders are advised to maintain a disciplined approach with strict risk management, while seeking short-term trading opportunities. Buying on dips may be considered as long as the Nifty sustains above the 23,800 level. However, in light of ongoing global tensions, it is prudent to avoid large overnight positions and exercise tight risk control.
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