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Below the Quote on Pre market comment for Wed 29th  Apr by Hitesh Tailor, Research Analyst, Choice Broking Ltd

Indian equity markets are likely to commence the April 29 session on a flat note. Early indicators suggest a muted opening, with GIFT Nifty hovering near the 24,090 mark, indicating a range-bound start for the benchmark indices.

On April 28, Nifty 50 opened on a flat-to-negative note with a gap-down of 42.80 points at 24,049.90. The index traded within a range of 24,181.80–23,957.05 and settled at 23,995.70, down 97.00 points (–0.40%), facing selling pressure at higher levels. A double inside bar candlestick pattern indicates consolidation and volatility contraction, suggesting indecision. Immediate support is placed at 23,750–23,800, while resistance is seen at 24,150–24,200.

RSI stands at 50.50, indicating neutral momentum. India VIX declined by 1.80% to 18.04, signaling slight easing in volatility. In derivatives, call writing was seen at 24,100 and 24,200, while put writing at 24,000 and 23,900 indicates a near-term trading range.

Bank Nifty also opened with a gap-down of 401.80 points at 55,862.50 and traded between 56,138.05 and 55,263.75. The index closed at 55,400.35, down 863.95 points (–1.45%), forming a bearish candlestick and indicating sustained selling pressure. Immediate support is placed at 54,900–55,000, while resistance is seen at 55,850–56,000. RSI stands at 48.44, indicating weakening momentum.

On the institutional front, FIIs remained net sellers, offloading equities worth Rs 2,100 crore, while DIIs provided partial support with purchases worth Rs 1,712 crore.

Overall, the market continues to exhibit a cautious undertone, with consolidation in Nifty and weakness in Bank Nifty. A decisive breakout from the current range will be crucial for the next directional move. Traders should remain cautious and wait for confirmation before initiating fresh positions.

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