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Below the Quote on Pre-Market Comment by Hardik Matalia, Derivative Analyst, Choice Broking Ltd

The benchmark Sensex and Nifty indices are expected to open on a negative note on Apr 01, following GIFT Nifty trends indicating a loss of 145 points for the broader index.

After a negative opening, Nifty can find support at 23,300 followed by 23,200 and 23,100. On the higher side, 23,550 can be an immediate resistance, followed by 23,650 and 23,800.

The charts of Bank Nifty indicate that it may get support at 51,300 followed by 51,000 and 50,700. If the index advances further, 51,700 would be the initial key resistance, followed by 52,000 and 52,200.

After witnessing buying in the previous six sessions, the Foreign institutional investors (FIIs) remained net sellers on March 28 as they sold equities worth Rs 4352 crore. On the other hand, Domestic institutional investors (DIIs) continued their buying on second days as they purchased equities of Rs 7646 crore on the same day.

INDIAVIX was negative on Friday down by 4.38% and is currently trading at 12.7175.

On Friday, the Indian markets experienced selling pressure, dragging the Nifty index lower from the start of the session. The index managed to close slightly above the 23,500 mark, but concerns remain among investors. Global markets also traded negatively, and Foreign Institutional Investors (FIIs) turned net sellers, adding to market concerns. On the downside, 23,300 serves as immediate support, and holding above this level would reinforce the ongoing bullish sentiment. A breakout above 23,800 could pave the way for further gains toward the critical resistance at 24,000. A sustained close above these levels would confirm a stronger bullish trend, potentially leading to higher levels. Given the prevailing momentum, traders should maintain a disciplined approach with proper risk management while capitalizing on opportunities in the strengthening market.

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