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 May 13, following GIFT Nifty trends indicating a loss of 128 points for the broader index.
After a negative opening, Nifty can find support at 24,800 followed by 24,700 and 24,500. On the higher side, 25,000 can be an immediate resistance, followed by 25,100 and 25,200.
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 55,700 and 56,000.
The Foreign institutional investors (FIIs) purchased equities of Rs 1,246 crore on May 13, while Domestic institutional investors (DIIs) also bought equities of Rs 1,488 crore on the same day.
INDIAVIX was negative Yesterday down by 14.98% and is currently trading at 18.3925.
Yesterday, Indian market indices opened with a strong gap-up and maintained their upward momentum throughout the day. The Nifty index surged by 916.70 points (3.82%), closing on a positive note above the 24,900 mark at 24,924.70. The rally was driven by positive global cues and sustained buying by Foreign Institutional Investors (FIIs), which supported overall market sentiment. On the downside, immediate support is seen at the 24,700 level, with a stronger base near the 24,500 mark; buying on dips could be considered as long as the index holds above the 24,500 level on a closing basis. A breach below these support levels could trigger renewed selling pressure. On the upside, 25,000 remains a key resistance level, followed by a significant hurdle around the 25,200 mark. A decisive breakout above this zone is essential to sustain fresh buying momentum. Given the current market dynamics, traders are advised to adopt a disciplined approach with strict risk management, focusing on short-term trading opportunities. Considering prevailing global uncertainties, it is also prudent to avoid large overnight positions and enforce tight risk controls.
Above views are of the author and not of the website kindly read disclaimer
