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Below the Quote on Pre-Market Comment by Hardik Matalia, Research Analyst, Choice Broking Ltd

Indian benchmark indices are expected to open on a positive note, taking cues from the GIFT Nifty, which suggests a potential gain of approximately 100 points for the Nifty 50. Market sentiment, however, remains mildly indecisive following the previous session’s close.

On the technical front, the Nifty formed a strong bullish candle on the daily chart, breaking out of an inside bar pattern and closing above the crucial 25,000 level. The index witnessed an intraday recovery of nearly 200 points, reflecting sustained bullish momentum. Immediate support is placed at 24,850–24,700, while resistance is seen at 25,100 and 25,235. A decisive breakout above the 25,235 level could drive the index higher toward the 25,500–25,743 zone. Traders are advised to adopt a "buy on dips" strategy with strict risk management and avoid taking large overnight positions due to ongoing global uncertainties.

Similarly, the Bank Nifty surged 554 points and formed a bullish candle, signaling continued buying interest. A sustained move above the key resistance level of 55,500 could lead to further upside. Immediate support is located at 55,000 and 54,720, while resistance on the higher side is seen at 55,700 and 56,000. A decisive close above this range may trigger a rally toward the 56,500 mark.

In terms of institutional activity, foreign institutional investors (FIIs) were net buyers for the second consecutive day, purchasing equities worth ?5,392 crore on May 15. In contrast, domestic institutional investors (DIIs) turned net sellers, offloading equities worth ?1,668 crore after four straight sessions of buying.

Given the current market environment, a cautiously bullish stance is warranted. Traders are encouraged to book partial profits during rallies, use tight trailing stop-losses to manage risk, and consider fresh long positions gradually if the Nifty sustains above the 25,235 level. Close monitoring of key breakout zones and global cues remains essential for effective decision-making.

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