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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 negative on Oct 18, following GIFT Nifty trends indicating a loss of 120 points for the broader index.

After a negative opening, Nifty can find support at 24,600 followed by 24,500 and 24,400. On the higher side, 24,800 can be an immediate resistance, followed by 24,850 and 24,950.

The charts of Bank Nifty indicate that it may get support at 51,000, followed by 50,700 and 50,400. If the index advances further, 51,300 would be the initial key resistance, followed by 51,400 and 51,500.

The foreign institutional investors (FIIs) offloaded equities worth Rs 7,421 crore on October 17, while domestic institutional investors purchased equities worth Rs 4,979 crore on the same day.

INDIAVIX was positive Yesterday up by 2.57% and is currently trading at 13.3875.

Yesterday, the Indian markets opened with a gap-up but failed to sustain higher levels, experiencing selling pressure and closing negatively for the third consecutive session, near the 24,750 mark. Broad-based selling was observed across sectors, except for IT, which managed to hold onto its gains. The 24,700 level is crucial, and a sustained break below it could trigger further selling pressure towards the 24,500-24,200 range. Continuous selling by Foreign Institutional Investors (FIIs) remains a key concern. Globally, markets showed mixed sentiment. Looking ahead, a "sell on rise" strategy is advisable, with the 24,950-25,150 range serving as a potential selling zone, as long as the index trades below 25,250. Traders are advised to exercise caution, use strict stop-loss levels, and avoid holding long positions overnight to manage risks in this volatile market.

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