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 positive note on Apr 25, following GIFT Nifty trends indicating a gains of 113 points for the broader index.
After a positive opening, Nifty can find support at 24,200 followed by 24,100 and 24,000. On the higher side, 24,500 can be an immediate resistance, followed by 24,600 and 24,700.
The charts of Bank Nifty indicate that it may get support at 55,000 followed by 54,700 and 54,500. If the index advances further, 55,500 would be the initial key resistance, followed by 55,800 and 56,200.
The Foreign institutional investors (FIIs) bought equities worth Rs 8250 crore on April 24. However, Domestic institutional investors (DIIs) sold equities of Rs 534 crore on the same day.
INDIAVIX was positive Yesterday up by 1.82% and is currently trading at 16.2500.
Yesterday, the Indian markets opened with a gap-down and traded sideways throughout the session. Despite positive cues from global markets and continued buying by Foreign Institutional Investors (FIIs), there was no significant buying interest in the index, which ended the day on a negative note near the 24,250 mark. On the downside, immediate support is seen at the 24,200 level, with a stronger base around the 24,000 zone. On the upside, the 24,500 level remains a key resistance. A decisive breakout above this level could open the door for a move towards the 24,700 mark. Given the current momentum, traders are advised to maintain a disciplined approach with strict risk management, while capitalizing on short-term opportunities. Buying on dips may be considered as long as the Nifty index holds above the 23,800 level. However, due to prevailing global trade war tensions, it is prudent to avoid large overnight positions and exercise tight risk control.
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