IGI Logo

Below the Quote on Pre-Market Comment by Hardik Matalia, Derivative Analyst, Choice Broking

The benchmark Sensex and Nifty indices are expected to open negative on Dec 16, following GIFT Nifty trends indicating a loss of 51 points for the broader index.

After a negative opening, Nifty can find support at 24,600 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 53,300 followed by 53,100 and 52,800. If the index advances further, 53,800 would be the initial key resistance, followed by 54,000 and 54,300.

Foreign institutional investors (FIIs) turned net buyers on December 13 as they purchased equities worth Rs 2,335 crore, while domestic institutional investors sold equities worth Rs 732.2 crore on the same day.

INDIAVIX was negative on Friday down by 1.04% and is currently trading at 13.0525.

On Friday, the Indian markets experienced significant volatility, with the Nifty index touching a low of 24,180.80 before ending the session on a positive note, closing above the 24,750 mark. Global markets displayed mixed sentiment, while Foreign Institutional Investors (FIIs) turned net buyers, signaling potential positive momentum for the domestic market in the coming sessions. Looking ahead, the 24,850 level is expected to act as a key resistance, followed by a stronger hurdle at 25,000. A decisive breakout above these levels could pave the way for further upside. On the downside, immediate support is positioned at 24,600, with the next critical level at 24,400. Traders are advised to adopt a buy-on-dips strategy as long as the index holds above these support levels. To manage risk effectively, it is recommended to maintain a strict stop-loss at 24,200 on a closing basis.

Above views are of the author and not of the website kindly read disclaimer