Quote on Pre-market comment for Thrusday April 16th by Aakash Shah, Technical Research Analyst, Choice Broking
Below Quote on Pre-market comment for Thrusday April 16th by Aakash Shah, Technical Research Analyst, Choice Broking
Indian equity markets are expected to open on a mildly positive note on Thursday, tracking supportive global cues and a rise in GIFT Nifty. GIFT Nifty is currently trading around 24,313, up by 63 points, indicating a positive start for domestic indices. The positive sentiment comes after a strong rally in the previous session, supported by easing global concerns and improved risk appetite across global markets. Cooling crude oil prices and stability in global equities have also aided sentiment.
In the previous session (15th April), benchmark indices ended sharply higher. The Nifty 50 surged 389 points (1.63%) to close at 24,231.30, while the BSE Sensex jumped 1,264 points (1.64%) to settle at 78,111.24, led by broad-based buying across sectors.
Sectorally, buying was witnessed across banking, auto, metals, and energy stocks, indicating strong market breadth.
From a technical perspective, the Nifty 50 has managed to sustain above the 24,200 mark, strengthening the near-term trend. Immediate support is seen near 24,100–24,150 while resistance is placed around 24,450–24,500. A sustained move above resistance could extend the ongoing rally.
The Bank Nifty also saw strong momentum in the previous session and may continue to trade with a positive bias, though some consolidation cannot be ruled out. The index is likely to face resistance near 56,200–56,300, while support is placed around 56,800–57,000.
On the institutional front, FIIs remained net buyers to the tune of approximately ?666 crore, while DIIs turned net sellers with outflows of around ?569 crore, indicating mixed participation from institutional investors. Meanwhile, India VIX stood around 18.66 on 15th April, declining notably, which reflects easing volatility and improved market confidence. However, volatility could pick up again depending on global developments and upcoming triggers.
Overall, the market setup suggests a positive to range-bound start, supported by global cues and strength in GIFT Nifty. However, after the recent sharp rally, the market may witness some consolidation or profit booking at higher levels. Sustaining above the 24,450–24,500 zone will be crucial for further upside momentum.
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