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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 flat on Dec 24, following GIFT Nifty trends indicating a loss of 2 points for the broader index.

After a flat opening, Nifty can find support at 23,650 followed by 23,500 and 23,400. On the higher side, 23,950 can be an immediate resistance, followed by 24,050 and 24,200.

The charts of Bank Nifty indicate that it may get support at 51,000 followed by 50,700 and 50,400. If the index advances further, 51,500 would be the initial key resistance, followed by 51,800 and 52,000.

Foreign institutional investors (FIIs) sold equities worth Rs 168.71 crore on December 24, while domestic institutional investors bought equities worth Rs 2,227.68 crore on the same day.

INDIAVIX was negative Yesterday down by 10.30% and is currently trading at 13.5200.

Yesterday, the Indian markets experienced a volatile session, marked by a tough battle between buyers and sellers, resulting in the formation of a Doji candle on the daily chart of the Nifty index. The index concluded the session on a positive note, closing near the 23,750 mark. Global markets exhibited a positive trend, but Foreign Institutional Investors (FIIs) continued their selling spree, reflecting a cautious outlook. On the downside, the 23,500 level acts as a critical support. A breach of this level could lead to further declines toward the 23,200–23,000 zone. Conversely, on the upside, the 24,000 level serves as immediate resistance, with 24,200 posing a significant hurdle. A sustained close above 24,200 is essential to reverse the prevailing bearish trend. In this volatile environment, traders are advised to exercise caution, implement strict stop-loss measures, and avoid carrying long positions overnight to manage risk effectively.

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