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Below Quote on Pre-market comment for Monday April 07th by Hitesh Tailor, Research Analyst, Choice Broking

Indian equity markets are likely to commence the April 7 session on a weak note. Early indicators suggest a weak opening, with GIFT Nifty hovering near the 22,910 mark, reflecting a negative start for the benchmark indices.

On April 6, Nifty 50 opened flat-to-positive at 22,780.30 but saw early profit booking, falling to 22,542.95. Later, strong buying lifted it to 22,998.35, closing near the high at 22,968.25, up 255.15 points (+1.12%). A hammer candlestick on the daily chart signals buying at lower levels and improving sentiment. Immediate support lies at 22,650–22,700, with resistance at 23,150–23,200.

RSI is at 41.26, recovering but still below 50, indicating improving yet unconfirmed momentum. India VIX edged down 0.21% to 25.46, suggesting stable volatility. In derivatives, heavy call writing was seen at 23,000 and 23,200, while put writing at 22,900 and 22,800 indicates near-term support.

Bank Nifty opened flat at 51,747.60, dropped to 51,111.10 early, but rebounded sharply by over 1,500 points to hit 52,704.55. It closed at 52,609.10, gaining 1,060.35 points (+2.06%). Consecutive bullish candles reflect sustained buying. Support is at 52,000–52,100, with resistance at 52,950–53,000.

FIIs remained net sellers on April 6, offloading ?8,167 crores, while DIIs provided support with over ?8,000 crores in purchases.

Recent price action indicates improving sentiment, backed by buying at lower levels. The undertone remains positive, but sustainability depends on strength above key resistance zones. Traders should stay selective and wait for price confirmation near crucial levels before taking fresh positions.

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