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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 flat note on June 05, following GIFT Nifty trends indicating a gain of 02 points for the broader index.

After a flat opening, Nifty can find support at 24,600 followed by 24,400 and 24,450. On the higher side, 24,700 can be an immediate resistance, followed by 24,800 and 24,850.

The charts of Bank Nifty indicate that it may get support at 55,400 followed by 55,100 and 54,800. If the index advances further, 55,800 would be the initial key resistance, followed by 56,000 and 56,200.

The Foreign institutional investors (FIIs) snapped three-day selling as they purchased equities worth Rs 1,076 crore on June 4, while Domestic institutional investors (DIIs) extended buying on 12th day as they bought equities of Rs 2,566 crore on the same day.

INDIAVIX was negative Yesterday down by 4.89% and is currently trading at 15.7450.

Yesterday, Indian equity markets opened with a significant gap-up, reflecting initial strength and positive sentiment. Although the index traded sideways throughout the session, mild buying interest from the opening levels helped the Nifty index sustain its gains, ultimately closing slightly above the 24,600 mark. This positive close came despite mixed cues from global markets, which continued to weigh on overall investor sentiment. Notably, Foreign Institutional Investors (FIIs) turned net buyers, indicating selective confidence near key support levels. From a technical perspective, immediate support for the Nifty is placed at the 24,600 level, while a stronger support base lies in the 24,500–24,450 zone. As long as the index holds above the 24,450 level on a closing basis, a “buy on dips” strategy may remain favorable. However, a decisive breach below this critical zone could invite fresh selling pressure and lead to further downside. On the upside, the index faces initial resistance at 24,700, followed by a key hurdle near 24,800. A strong breakout above this zone would be essential to reignite bullish momentum and confirm the continuation of the uptrend. Considering the current market dynamics and global uncertainties, traders are advised to maintain a disciplined approach. It remains prudent to avoid large overnight positions and instead focus on short-term trading opportunities with strict stop-loss levels and sound risk management strategies.

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