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

The Indian equity markets are expected to open on a flat to bearish note today, with GIFT Nifty trading around 23,751 in early sessions, reflecting a modest decline of 26 points. This subdued performance is largely influenced by global cues, as domestic triggers remain limited. Investors are closely monitoring global trends, crude oil prices, and institutional flows to assess market direction.

On the technical front, Nifty witnessed a strong buying of 213 points from lower levels before consolidating sideways, signaling sustainability in the uptrend. This movement resulted in the formation of a bullish piercing candle, with the index closing above the crucial support level of 23,500. If Nifty sustains above 23,600, it could extend gains toward the 23,700–23,800 range. Conversely, immediate support at 23,400 and 23,260 may present attractive buying opportunities for traders.

Similarly, Bank Nifty witnessed a robust rally of nearly 620 points before entering a consolidation phase in the second half. A decisive move below the key support level of 51,200 could lead to further downside, with additional support at 51,000 and 50,630. However, if the index reverses from these levels, buying opportunities could emerge, especially if it achieves a strong close above the resistance levels of 51,800 and 52,000, potentially triggering a rally toward 52,800.

Institutional activity remains a key factor, with Foreign Institutional Investors (FIIs) purchasing equities worth Rs.11,111 crore on March 27, while Domestic Institutional Investors (DIIs) also bought equities worth Rs.2,517 crore. Given the prevailing market dynamics, traders are advised to exercise caution and wait for confirmation of price action at critical levels before initiating new positions.

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