Pre-Market Comment by Hardik Matalia, Derivative analyst, Choice Broking
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Below the Quote on Pre-Market Comment by Hardik Matalia, Derivative analyst, Choice Broking
The benchmark Sensex and Nifty indices are expected to open positive on Nov 27, following GIFT Nifty trends indicating a gains of 50 points for the broader index.
After a positive opening, Nifty can find support at 24,150 followed by 24,050 and 23,950. On the higher side, 24,300 can be an immediate resistance, followed by 24,450 and 24,550.
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, 52,400 would be the initial key resistance, followed by 52,600 and 52,800.
The Foreign institutional investors (FIIs) extended their buying on the second day on November 26 as they bought equities of Rs 1157 crore. On the other hand, domestic institutional investors sold equities of Rs 1910 crore on the same day.
INDIAVIX was flat to positive Yesterday up by 0.02% and is currently trading at 15.3050.
Yesterday, the Indian markets opened with a strong gap-up but struggled to sustain the gains. The Nifty index ended the day near the 24,200 mark after a largely sideways session. On the global front, markets traded with a positive sentiment. Looking ahead, the 24,000 level is expected to act as a critical support zone. A decisive break below this level could drag the index toward the 23,800–23,600 range. On the upside, 24,500 remains a key resistance level, and a sustained breakout above this mark could open the door to higher levels. In this volatile environment, traders are advised to adopt a buy-on-dips strategy as long as the index holds above 23,800. A strict stop-loss at 23,600 on a closing basis is recommended to manage risk effectively.
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