Pre-Market Comment by Hardik Matalia, Derivative Analyst, Choice Broking
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 Jan 30, following GIFT Nifty trends indicating a gain of 04 points for the broader index.
After a flat opening, Nifty can find support at 23,050 followed by 22,950 and 22,800. On the higher side, 23,250 can be an immediate resistance, followed by 23,400 and 23,500.
The charts of Bank Nifty indicate that it may get support at 49,000 followed by 48,600 and 48,300. If the index advances further, 49,500 would be the initial key resistance, followed by 49,700 and 50,000.
On January 29, the Foreign institutional investors (FIIs) remained net sellers for the 19th consecutive session as they sold equities worth Rs 2,586 crore, while domestic institutional investors bought equities worth Rs 1,792.71 crore on the same day.
INDIAVIX was positive Yesterday up by 2.45% and is currently trading at 18.6400.
Yesterday, the Indian markets experienced high volatility, with a strong upward move throughout the day. The Nifty index managed to hold its gains and ended the session at higher levels above the 23,150 mark. Meanwhile, global markets traded with mixed sentiment, while Foreign Institutional Investors (FIIs) remained net sellers, raising concerns about the sustainability of the ongoing rally. On the downside, if selling pressure persists and the Nifty sustains below the 23,000–22,800 range, it could signal further weakness, potentially extending the decline toward the 22,500–22,000 zone. On the upside, immediate resistance is seen at 23,250, with a significant hurdle at 23,400. Given the prevailing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying long positions overnight to effectively manage risk.
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