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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 Nov 05, following GIFT Nifty trends indicating a loss of 6 points for the broader index.

After a flat opening, Nifty can find support at 23,900 followed by 23,800 and 23,600. On the higher side, 24,050 can be an immediate resistance, followed by 24,150 and 24,250.

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 51,600 and 51,800.

The foreign institutional investors (FIIs) sold equities worth Rs -4,330 crore on November 4, while domestic institutional investors bought equities worth Rs 2,936 crore on the same day.

INDIAVIX was positive Yesterday up by 4.94% and is currently trading at 16.6875.

Yesterday, the Indian markets experienced a volatile session, with selling pressure dragging the Nifty index down to an intraday low near the 23,800 level. However, buying activity in the closing session helped the index recover, ending near the 24,000 mark. Global markets traded with mixed sentiment, though persistent selling by Foreign Institutional Investors (FIIs) remains a concern.  On the downside, 23,800 serves as a key support level; a break below this could drive the index towards the 23,600-23,400 range. Looking ahead, 24,200 is a critical resistance level. A close above and sustained movement beyond this point would be essential to reversing the current downtrend, with 24,500 as the next resistance level to watch. If the index closes strongly and holds above 24,500, it could open up possibilities for fresh buying opportunities. Traders are advised to stay cautious, implement strict stop-losses, and avoid holding long positions overnight to manage risk in the current volatile environment.

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