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 flat note on May 19, following GIFT Nifty trends indicating a loss of 19 points for the broader index.
After a flat opening, Nifty can find support at 25,000 followed by 24,800 and 24,700. On the higher side, 25,100 can be an immediate resistance, followed by 25,200 and 25,250.
The charts of Bank Nifty indicate that it may get support at 55,000 followed by 54,700 and 54,400. If the index advances further, 55,500 would be the initial key resistance, followed by 55,800 and 56,100.
The Foreign institutional investors (FIIs) bought equities worth Rs 8831 crore on May 16, while Domestic institutional investors (DIIs) also bought equities of Rs 5,187 crore on the same day.
INDIAVIX was negative on Friday down by 2.03% and is currently trading at 16.5500.
On Friday, Indian market indices opened on a flat note. While some initial selling pressure was observed, the Nifty index managed to hold above the crucial 25,000 level. The Nifty declined by 42.30 points (0.17%), ending the session negatively at 25,019.80. Global markets traded with mixed sentiment. However, Foreign Institutional Investors (FIIs) remained net buyers, reflecting an overall positive undertone in the market. On the downside, immediate support is placed at the 25,000 level, with a stronger support base around 24,800. Buying on dips may be considered as long as the index sustains above 24,500 on a closing basis. A breach below these levels could lead to renewed selling pressure. On the upside, 25,100 acts as the first resistance level, followed by a key hurdle near 25,200. A decisive breakout above this zone is crucial to fuel fresh buying momentum. Given the current market dynamics and global uncertainties, traders are advised to adopt a disciplined approach with strict risk management. It is also prudent to avoid large overnight positions and focus on short-term trading opportunities with tight stop-loss strategies.
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