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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 flat on Oct 17, following GIFT Nifty trends indicating a gains of 11 points for the broader index.

After a flat opening, Nifty can find support at 24,900 followed by 24,800 and 24,700. On the higher side, 25,050 can be an immediate resistance, followed by 25,150 and 25,200.

The charts of Bank Nifty indicate that it may get support at 51,700, followed by 51,400 and 51,100. If the index advances further, 52,000 would be the initial key resistance, followed by 52,200 and 52,300.

The foreign institutional investors (FIIs) sold equities worth Rs 3,436 crore on October 16, while domestic institutional investors bought equities worth Rs 2,256.29 crore on the same day.

INDIAVIX was positive Yesterday up by 0.38% and is currently trading at 13.0525.

Yesterday, the Indian markets struggled to sustain higher levels, eventually closing on a negative note for the second consecutive day, dropping below the 25,000 mark. There was broad-based selling across all sectors, except for Realty, which managed to hold its gains. Continued selling by FIIs remains a concern. Global markets exhibited mixed sentiment, with some closing in positive territory while others ended flat. Looking ahead, the index faces immediate resistance at 25,050, followed by 25,200. On the downside, if the index sustains below 24,900, increased selling pressure could push it toward the 24,700–24,500 range. Traders are advised to exercise caution, implement strict stop-loss levels, and avoid holding long positions overnight to mitigate risks in this volatile market.

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