Pre-Market Comment by Hardik Matalia, Derivative analyst, Choice Broking Ltd
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 flat on Oct 09, following GIFT Nifty trends indicating a gains of 20 points for the broader index.
After a flat opening, Nifty can find support at 24,950 followed by 24,850 and 24,700. On the higher side, 25,050 can be an immediate resistance, followed by 24,150 and 25,200.
The charts of Bank Nifty indicate that it may get support at 50,800, followed by 50,500 and 50,200. If the index advances further, 51,200 would be the initial key resistance, followed by 51,400 and 51,500.
The foreign institutional investors (FIIs) sold equities worth Rs 5729 crore on October 8, while domestic institutional investors bought equities worth Rs 7008 crore on the same day.
INDIAVIX was negative Yesterday down by 3.27% and is currently trading at 14.5875.
Yesterday, the Indian markets saw renewed buying interest, closing on a positive note after a six-day losing streak and surpassing the 25,000 mark, driven by anticipation of the RBI's policy announcement. Global markets also ended higher as investor focus shifted to upcoming US inflation data and corporate earnings reports. Looking ahead, the index may face immediate resistance at 25,050, followed by 25,200. On the downside, if the index falls below 24,750, it could encounter additional selling pressure, potentially driving it toward the 24,500–24,200 range. Traders are advised to exercise caution, maintain strict stop-loss levels, and avoid holding long positions overnight to mitigate risks associated with market volatility.
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