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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 Jan 17, following GIFT Nifty trends indicating a loss of 67 points for the broader index.

After a negative opening, Nifty can find support at 23,200 followed by 23,000 and 22,800. On the higher side, 23,350 can be an immediate resistance, followed by 23,450 and 23,550.

The charts of Bank Nifty indicate that it may get support at 48,900 followed by 48,500 and 48,000. If the index advances further, 49,300 would be the initial key resistance, followed by 49,500 and 49,800.

The Foreign institutional investors (FIIs) sold equities worth Rs 4,341 crore, while domestic institutional investors bought equities worth Rs 2,928 crore on the same day.

INDIAVIX was positive Yesterday up by 1.36% and is currently trading at 15.4650.

Yesterday, the Indian markets traded sideways throughout the day following a gap-up opening. The Nifty index made an intraday high of 23,391.65 but ended near the 23,300 mark, suggesting a wait for confirmation before expecting an upside move. Global markets traded with mixed sentiment, while Foreign Institutional Investors (FIIs) remained net sellers, raising concerns for the upside move. On the downside, the selling momentum could extend towards the 22,800 mark, if the Nifty breaches the critical 23,000 level. Conversely, immediate resistance is seen at 23,400, with the 23,500 level acting as a significant hurdle on the upside. 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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