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

The Indian equity markets are expected to open on a negative note today, as indicated by the GIFT Nifty, which was trading around 23,196 in early trades, reflecting a modest gain of 242 points. This suggests a cautious market sentiment influenced by global cues and the absence of strong domestic triggers. Investors are likely to focus on global market trends, crude oil prices, and institutional flows for further direction.

From a technical standpoint, the Nifty formed an inside candlestick on the daily chart, indicating indecisiveness in market sentiment. A breakout above key levels could lead to a bullish movement in the near term. Immediate support levels are seen at 23,000 and 22,800, which could present potential buying opportunities, while resistance levels are observed at 23,500 and 23,700.

Similarly, the Bank Nifty exhibited a bullish candle, gaining 520 points, suggesting buying interest at higher levels. However, if the index sustains below the critical level of 50,600, it may test immediate support levels at 50,300 and 50,000, potentially offering buying opportunities if a reversal is signaled. On the upside, resistance is seen at 51,500 and 51,800, with a close above these levels possibly triggering a rally towards 52,200.

On the institutional front, Foreign Institutional Investors (FIIs) extended their selling streak for the third consecutive session on April 2, offloading equities worth ?1,538 crore. In contrast, Domestic Institutional Investors (DIIs) remained net buyers for the fourth consecutive day, purchasing equities worth ?2,800 crore. These institutional flows will be closely monitored for their potential impact on market sentiment. Overall, traders are advised to exercise caution and wait for confirmation of price action at key levels before taking fresh positions

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