IGI Logo

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 11, following GIFT Nifty trends indicating a gain of 454 points for the broader index.

After a positive opening, Nifty can find support at 22,300 followed by 22,200 and 22,000. On the higher side, 22,550 can be an immediate resistance, followed by 22,750 and 23,000.

The charts of Bank Nifty indicate that it may get support at 50,200 followed by 49,900 and 49,700. If the index advances further, 50,700 would be the initial key resistance, followed by 51,000 and 51,400.

The Foreign institutional investors (FIIs) continued their selling on the eighth day on April 9, as they sold equities worth Rs 4358 crore, however, Domestic institutional investors (DIIs) extended their buying on the third day as they bought equities of Rs 2976 crore.

INDIAVIX was positive on Wednesday up by 4.83% and is currently trading at 21.4300.

On Wednesday, the Indian markets traded sideways throughout the session following a gap-down opening. The Nifty index closed near the 22,400 mark and remained under pressure as weak global cues led to selling across most sectoral indices. Global markets exhibited mixed sentiment, while Foreign Institutional Investors (FIIs) continued to be net sellers, adding to the prevailing market concerns. On the downside, 22,200 acts as immediate support. A breach below this level could trigger extended selling pressure. On the upside, 22,800 remains a key resistance level, with a major hurdle near 23,000. A sustained close above these levels would be essential to confirm a bullish trend, potentially paving the way for higher levels. Given the current market momentum, traders are advised to maintain a disciplined approach with strict risk management, while capitalizing on emerging opportunities.

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