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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 flat note on Apr 02, following GIFT Nifty trends indicating a gain of 10 points for the broader index.

After a flat opening, Nifty can find support at 23,100 followed by 23,000 and 22,950. On the higher side, 23,300 can be an immediate resistance, followed by 23,400 and 23,500.

The charts of Bank Nifty indicate that it may get support at 50,600 followed by 50,300 and 50,000. If the index advances further, 51,100 would be the initial key resistance, followed by 51,300 and 51,500.

The Foreign institutional investors (FIIs) continued their selling for the second consecutive session on April 1 as they sold equities worth Rs 5901 crore. On the other hand, Domestic institutional investors (DIIs) continued their buying on the third consecutive day as they bought equities of Rs 4322 crore on the same day.

INDIAVIX was positive Yesterday up by 8.37% and is currently trading at 13.7825.

Yesterday, the Indian markets experienced selling pressure, dragging the Nifty index lower from the start of the session. The index closed below the 23,200 mark, raising concerns among investors. Global markets traded with mixed sentiment, while Foreign Institutional Investors (FIIs) turned net sellers, adding to market worries. On the downside, 23,000 serves as immediate support, and a breach below this level could trigger extended selling pressure. On the upside, 23,300 acts as immediate resistance, followed by a major hurdle near 23,500. A sustained close above these levels is needed to confirm a 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 market.

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