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 positive note on May 05, following GIFT Nifty trends indicating a gain of 136 points for the broader index.
After a positive opening, Nifty can find support at 24,300 followed by 24,200 and 24,000. On the higher side, 24,500 can be an immediate resistance, followed by 24,600 and 24,800.
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, 55,400 would be the initial key resistance, followed by 55,700 and 56,000.
The Foreign institutional investors (FIIs) remained net buyers for the 12th consecutive session on May 2 as they bought equities of Rs 2769 crore. Domestic institutional investors (DIIs) also bought equities of Rs 3290 crore.
INDIAVIX was positive Yesterday up by 0.19% and is currently trading at 18.2575.
Yesterday, Indian markets experienced high volatility following a gap-up opening. However, the momentum faded as the session progressed, leading to sideways trading in the latter half. The Nifty index managed to hold above the 24,300 mark, eventually closing flat at 24,346.70. Positive global cues and continued buying by Foreign Institutional Investors (FIIs) lent support to market sentiment. On the downside, immediate support is seen at the 24,300 level, with a stronger base in the 24,200–24,000 zone. On the upside, 24,500 remains a key resistance. A decisive breakout above this level could open the door for a rally towards the 24,700 mark. Given the current momentum, traders are advised to maintain a disciplined approach with strict risk management, while capitalizing on short-term trading opportunities. Buying on dips may be considered as long as the Nifty sustains above the 23,800 level. However, due to ongoing global uncertainties, it is prudent to avoid large overnight positions and implement tight risk controls.
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