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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 27, following GIFT Nifty trends indicating a gains of 06 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) extended their selling on December 26 as they offloaded equities worth Rs 2,376.67 crore, while domestic institutional investors extended their buying as they bought equities worth Rs 3,336 crore on the same day.

INDIAVIX was positive Yesterday up by 6.51% and is currently trading at 14.0350.

Yesterday, the Indian markets experienced a sideways session throughout the day following a gap-up opening and closed on a positive note at the 23,750.20 mark. A Doji candle formed on the daily chart, signaling indecision among buyers and sellers. Global markets displayed mixed sentiment, while Foreign Institutional Investors (FIIs) continued their selling spree, reflecting a cautious outlook. On the downside, the 23,650 level remains a critical support; a breach of this level could lead to further declines toward the 23,500–23,200 zone. Conversely, on the upside, the 24,000 level acts as immediate resistance, with 24,200 being a significant hurdle. A sustained close above 24,200 is essential to reverse the prevailing bearish trend. Given the prevailing volatility, 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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