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 negative on Oct 31, following GIFT Nifty trends indicating a loss of 107 points for the broader index.
After a negative opening, Nifty can find support at 24,200 followed by 24,050 and 23,950. On the higher side, 24,400 can be an immediate resistance, followed by 24,500 and 24,750.
The charts of Bank Nifty indicate that it may get support at 51,500 followed by 51,200 and 51,000. If the index advances further, 52,000 would be the initial key resistance, followed by 52,200 and 52,400.
The foreign institutional investors (FIIs) sold equities worth Rs 4,613 crore on October 30, while domestic institutional investors bought equities worth Rs 4,518 crore on the same day.
INDIAVIX was positive Yesterday up by 6.85% and is currently trading at 15.5100.
Yesterday, the Indian markets experienced a volatile session as selling pressure dragged the Nifty index lower, closing below the 24,400 mark. The index failed to hold at higher levels and ended on a negative note. Global markets also traded lower, and continued selling by Foreign Institutional Investors (FIIs) remains a concern. Looking ahead, 24,500 is a crucial level; the index needs to close and sustain above this to counter the current downtrend, with 24,750 as the next resistance level. A strong close and sustained move above 24,800 could open up fresh buying opportunities. On the downside, 24,200 is a key support level; a break below this could pull the index towards the 23,800 mark. Traders are advised to exercise caution, implement strict stop-loss measures, and avoid holding long positions overnight to manage risk in this volatile environment.
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