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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 Nov 21, following GIFT Nifty trends indicating a loss of 80 points for the broader index.

After a negative opening, Nifty can find support at 23,350 followed by 23,250 and 23,200. On the higher side, 23,600 can be an immediate resistance, followed by 23,700 and 23,800.

The charts of Bank Nifty indicate that it may get support at 50,300 followed by 50,100 and 49,900. If the index advances further, 50,800 would be the initial key resistance, followed by 51,000 and 51,200.

Foreign institutional investors (FIIs) extended their selling as they sold equities of Rs 3,411 crore worth on November 19, while domestic institutional investors purchased equities of Rs 2,783.89 crore on the same day.

INDIAVIX was positive on Tuesday up by 3.26% and is currently trading at 15.6625.

On Tuesday, the Indian markets witnessed significant volatility. Despite strong buying following a gap-up opening, the Nifty index was unable to sustain its gains as selling pressure in the later session dragged it lower, closing near the 23,500 mark. Global markets also traded in negative territory, while persistent selling by Foreign Institutional Investors (FIIs) remains a key concern for domestic markets. On the downside, the 23,350 level is expected to serve as critical support. A break below this level could push the index further down to the 23,000–22,800 range. Conversely, 23,800 is a crucial resistance level. A sustained close above this mark is necessary to reverse the current downtrend, with the next resistance seen at 24,000. In this volatile environment, traders are advised to remain cautious, implement strict stop-loss measures, and avoid holding overnight long positions to effectively manage risk.

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