Quote on Pre-Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
Below the Quote on Pre-Market Comment by Mandar Bhojane, Research Analyst, Choice Broking
Markets are poised to open on a strong note today, as indicated by GIFT Nifty trends, which show a gap-up of around 110 points for the Nifty. This positive setup comes after a volatile session on Friday, where the Indian benchmark indices ended over 0.5% lower. Investor sentiment was rattled by geopolitical concerns following the recent terror attack and the potential response from India, which weighed heavily on Dalal Street.
Technically, Nifty now has immediate support at the psychological level of 24,000, followed by deeper cushions at 23,800 and 23,600. On the upside, resistance is placed at 24,300, then 24,400 and 24,600. A breakout above 24,600 could trigger a rally toward 25,200 in the coming days. However, the formation of neutral candles in the last few sessions indicates indecision, often a precursor to either consolidation or a mild pullback.
Bank Nifty, meanwhile, continues to exhibit strength relative to the broader market. It has crucial support levels at 54,400, 54,000, and 53,700. If the current momentum persists, it could face resistance at 55,200, followed by 55,500 and 55,800. These levels will be crucial for intraday traders, especially if volatility intensifies during the session.
On the institutional front, Foreign Institutional Investors (FIIs) remained consistent net buyers, marking their eighth straight session of inflows with Rs.2,952 crore on April 25. Domestic Institutional Investors (DIIs), after three sessions of net selling, turned net buyers with inflows of ?3,539 crore. The sustained institutional interest, despite macro uncertainties, could provide a cushion for the market and support any upward moves in the sessions ahead.
Above views are of the author and not of the website kindly read disclaimer
