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Quote on Pre market comment for Fri April 17 by Hitesh Tailor, Research Analyst, Choice Broking Ltd

Indian equity markets are likely to open on a muted note on April 17, as indicated by the GIFT Nifty hovering near 24,177, up about 18 points, suggesting a largely neutral start for the benchmark indices.

The Nifty began the previous session on a strong footing with a 155-point gap-up and extended its rally to an intraday high of 24,400.95. However, it struggled to hold above the 24,300 level, leading to a sharp reversal. Selling pressure intensified during the day, pulling the index down nearly 300 points to an intraday low of 24,102.80, before it recovered slightly to end marginally in the negative. From a technical perspective, resistance is placed in the 24,350–24,400 range, while immediate support is seen between 24,000 and 24,070. The RSI is at 55.40, reflecting neutral momentum with a mild bullish inclination, although the failure to sustain near resistance points to continued intraday volatility.

The Nifty Bank index showed a similar pattern. It opened higher with a gap-up of around 355 points at 56,657.25 and moved up to an intraday high of 56,834.25. However, it could not maintain these gains and witnessed a sharp decline to 55,898.25 before closing at 56,086.40. This indicates selling pressure at higher levels. Technically, resistance is seen in the 56,400–56,500 zone, while support is placed between 55,700 and 55,800. The RSI stands at 54.23, suggesting a neutral trend.

On the institutional front, Foreign Institutional Investors (FIIs) remained net buyers for the second straight session on April 16, purchasing equities worth Rs.382 crore. In contrast, Domestic Institutional Investors (DIIs) continued their selling trend, offloading equities worth over Rs.3,400 crore.

Given the prevailing global uncertainties and elevated market volatility, a cautious and selective investment approach is advisable. Investors may consider accumulating fundamentally strong stocks during market corrections. Initiating fresh long positions should ideally be deferred until the Nifty decisively breaks above and sustains the 24,500 level, which would signal improved sentiment and the potential for a more sustained bullish trend.

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