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 flat on Oct 30, following GIFT Nifty trends indicating a loss of 32 points for the broader index.
After a flat opening, Nifty can find support at 24,300 followed by 24,200 and 24,100. On the higher side, 24,550 can be an immediate resistance, followed by 24,650 and 24,750.
The charts of Bank Nifty indicate that it may get support at 52,000, followed by 51,800 and 51,600. If the index advances further, 52,500 would be the initial key resistance, followed by 52,800 and 53,000.
The foreign institutional investors (FIIs) sold equities worth Rs 548.69 crore on October 29, while domestic institutional investors bought equities worth Rs 730.13 crore on the same day.
INDIAVIX was positive Yesterday up by 1.57% and is currently trading at 14.5150.
Yesterday, the Indian markets experienced a volatile session with strong buying momentum from lower levels. The index managed to hold its gains, closing near the immediate resistance at the 24,500 level, marking a positive close for the second consecutive day. Global markets also traded positively, though 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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