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Below the Quote on Pre market comment for Fri 24 Apr by Hitesh Tailor, Research Analyst, Choice Broking Ltd

Indian equity markets are expected to open on a flat to slightly positive note on April 24, as indicated by GIFT Nifty hovering around 24,214, up approximately 51 points, suggesting a mildly optimistic start. However, the previous session reflected underlying weakness.

The Nifty index opened lower by 175.75 points at 24,202.35 and traded within a narrow range, touching a high of 24,310.20 and a low of 24,134.80 before closing down 205.05 points at 24,173.05. The formation of a Gravestone Doji-like candlestick pattern indicates selling pressure at higher levels. Immediate support is placed in the 23,950–24,000 zone, while resistance is seen at 24,350–24,400. The RSI stands at 53.24, suggesting neutral momentum, whereas India VIX rose 1.58% to 18.59, pointing to a slight increase in market volatility and uncertainty.

Similarly, the Bank Nifty index showed notable weakness, opening sharply lower by 515.50 points at 56,608.95 due to pressure in banking stocks. Although it attempted a recovery and reached 56,868.70, it failed to sustain gains and slipped to a low of 56,217.15 before settling at 56,305.00, down 819.45 points or 1.43%. The bearish candlestick formation reflects continued selling pressure. Key support levels are seen at 55,700–55,800, while resistance lies at 56,850–57,000. The RSI at 53.40 indicates weakening yet still neutral momentum.

On the institutional front, foreign institutional investors (FIIs) extended their selling streak for the fourth consecutive session on April 23, offloading equities worth Rs 3,254 crore. In contrast, domestic institutional investors (DIIs) provided partial support by purchasing equities worth over Rs 941 crore.

Given the prevailing global uncertainties and elevated volatility, a cautious and selective investment strategy is recommended. Investors may look to accumulate fundamentally strong stocks during market corrections. Fresh long positions should ideally be initiated only after the Nifty decisively breaks above and sustains the 24,500 level, which would signal improving sentiment and the possibility of a more sustained bullish trend.

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