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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 08, following GIFT Nifty trends indicating a gains of 15 points for the broader index.

After a flat opening, Nifty can find support at 24,650 followed by 24,500 and 24,400. On the higher side, 24,850 can be an immediate resistance, followed by 24,950 and 25,050.

The charts of Bank Nifty indicate that it may get support at 50,200, followed by 50,000 and 49,700. If the index advances further, 50,900 would be the initial key resistance, followed by 51,200 and 51,500.

The foreign institutional investors (FIIs) extended their selling on October 7 as they sold equities worth Rs 8,293.41 crore, while domestic institutional investors bought equities worth Rs 13,245.12 crore on the same day.

INDIAVIX was positive Yesterday up by 6.74% and is currently trading at 15.0800.

Yesterday, the Indian markets witnessed a high volatile trading session, closing on a negative note for the sixth consecutive day. The Nifty index closed below 24,800 mark, reflecting cautious investor sentiment amid escalating geopolitical tensions. Global markets also ended lower due to concerns over the Middle East conflict and its impact on oil prices Looking ahead, key resistance levels for the Nifty are at 24,950 and 25,050. On the downside, if the index sustains below 24,750, further selling pressure could drive it towards the 24,500-24,200 range. Traders are advised to exercise caution and maintain strict stop-loss levels. Additionally, it is recommended to avoid carrying long positions overnight to mitigate risks associated with market volatility.

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