IGI Logo

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 30, following GIFT Nifty trends indicating a gain of 08 points for the broader index.

After a flat opening, Nifty can find support at 24,800 followed by 24,700 and 24,500. On the higher side, 24,900 can be an immediate resistance, followed by 25,000 and 25,100.

The charts of Bank Nifty indicate that it may get support at 55,300 followed by 55,100 and 54,700. If the index advances further, 55,800 would be the initial key resistance, followed by 56,100 and 56,300.

Foreign Institutional Investors (FIIs) net bought equities worth Rs 884 crore on May 29, while Domestic Institutional Investors (DIIs) purchased Rs 4,286 crore.

INDIAVIX was negative Yesterday down by 8.87% and is currently trading at 16.4200.

Yesterday, Indian market indices opened with a significant gap-up and traded sideways for most of the session. However, strong buying interest emerged from lower levels towards the close, which helped the Nifty index end on a positive note, managing to hold firmly above the 24,800 mark. Global markets traded on a mixed sentiment. Despite the volatility, Foreign Institutional Investors (FIIs) remained net buyers, reflecting growing confidence in the Indian market. On the downside, immediate support is placed at the 24,700 level, with a stronger support base near 24,500. Buying on dips may be considered as long as the index sustains above 24,500 on a closing basis. A breach below this zone could trigger renewed selling pressure. On the upside, 24,900 acts as the first resistance, followed by a key hurdle near 25,000. A decisive breakout above this zone is crucial to trigger 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 instead focus on short-term trading opportunities with tight stop-loss strategies

Above views are of the author and not of the website kindly read disclaimer