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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 28, following GIFT Nifty trends indicating a gain of 23 points for the broader index.

After a flat opening, Nifty can find support at 24,250 followed by 24,150 and 24,000. On the higher side, 24,400 can be an immediate resistance, followed by 24,500 and 24,600.

The charts of Bank Nifty indicate that it may get support at 51,000, followed by 50,800 and 50,500. If the index advances further, 51,400 would be the initial key resistance, followed by 51,700 and 51,900.

The foreign institutional investors (FIIs) sold equities worth Rs 3,228 crore on October 28, while domestic institutional investors bought equities worth Rs 1,400 crore on the same day.

INDIAVIX was negative Yesterday down by 2.34% and is currently trading at 14.2900.

Yesterday, the Indian markets experienced a volatile session, with strong buying momentum in the first half. However, the index encountered selling pressure as it approached resistance near the 24,500 level. Despite this, the market closed above 24,300, ending the day on a positive note after a five-day losing streak. Global markets exhibited mixed trends, while continued selling by Foreign Institutional Investors (FIIs) remains a notable concern. Looking ahead, 24,500 is an immediate hurdle, 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, 24,000 is a crucial support level; a break below this could drag the index toward 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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