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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 negative on Dec 20, following GIFT Nifty trends indicating a loss of 88 points for the broader index.

After a negative opening, Nifty can find support at 23,850 followed by 23,700 and 23,600. On the higher side, 24,100 can be an immediate resistance, followed by 24,200 and 24,300.

The charts of Bank Nifty indicate that it may get support at 51,200 followed by 50,900 and 50,500. If the index advances further, 51,900 would be the initial key resistance, followed by 52,200 and 52,500.

Foreign institutional investors (FIIs) offloaded equities worth Rs 4,225 crore on December 19, while domestic institutional investors purchased equities worth Rs 3,943 crore on the same day.

INDIAVIX was positive Yesterday up by 0.96% and is currently trading at 14.5100.

Yesterday, the Indian markets opened with a gap-down and failed to recover, trading sideways near lower levels throughout the day. The Nifty index closed on a negative note, falling below the 24,000 mark. Global markets exhibited mixed sentiment, while Foreign Institutional Investors (FIIs) continued their selling spree, reflecting a cautious market outlook. On the downside, the 23,850 level serves as crucial support. A breach of this level could lead to further declines toward the 23,700–23,500 range. On the upside, 24,200 is a key resistance level, followed by 24,300 as a strong hurdle. A sustained close above 24,300 is essential to reverse the ongoing bearish trend. In this volatile environment, traders are advised to remain cautious, employ strict stop-loss strategies, and avoid carrying long positions overnight to mitigate risks.

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