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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 03, following GIFT Nifty trends indicating a gain of 18 points for the broader index.

After a flat opening, Nifty can find support at 24,700 followed by 24,600 and 24,500. On the higher side, 24,800 can be an immediate resistance, followed by 24,900 and 25,000.

The charts of Bank Nifty indicate that it may get support at 55,700 followed by 55,500 and 55,300. If the index advances further, 56,000 would be the initial key resistance, followed by 56,200 and 56,400.

The Foreign institutional investors (FIIs) extended their selling for a second consecutive session on June 2 as they sold equities worth Rs 2,589 crore, while Domestic institutional investors (DIIs) extended their buying on the tenth day as they bought equities of Rs 5,313 crore on the same day.

INDIAVIX was positive Yesterday up by 6.72% and is currently trading at 17.1575.

Yesterday, Indian market indices opened with a significant gap-down, reflecting initial weakness. However, strong buying interest emerged from lower levels, which helped the Nifty index recover intraday losses and end the session slightly above the 24,700 mark, closing on a flat to negative note. Global markets continued to trade on a mixed sentiment, weighing on overall investor confidence. Despite heightened volatility, Foreign Institutional Investors (FIIs) turned net sellers, indicating cautiousness amid prevailing global and domestic cues. On the downside, immediate support is placed at the 24,600 level, with a stronger support base near 24,500. As long as the index sustains above the 24,500 mark on a closing basis, buying on dips may be considered. However, a decisive breach below this zone could trigger renewed selling pressure, opening the door for further downside. On the upside, the 24,800 level acts as the first resistance, followed by a key hurdle near 24,900, and the psychological mark of 25,000. A strong breakout above this zone is essential to ignite fresh buying momentum and a possible continuation of the uptrend. Given the current market dynamics and global uncertainties, traders are advised to maintain a disciplined approach with strict risk management. It remains prudent to avoid large overnight exposures and instead focus on short-term trading opportunities with tight stop-loss strategies.

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