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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 positive on Oct 24, following GIFT Nifty trends indicating a gains of 68 points for the broader index.

After a positive opening, Nifty can find support at 24,350 followed by 24,200 and 24,100. On the higher side, 24,550 can be an immediate resistance, followed by 24,650 and 24,750.

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, 51,400 would be the initial key resistance, followed by 51,600 and 51,700.

The foreign institutional investors (FIIs) sold equities worth Rs 5,684 crore on October 23, while domestic institutional investors bought equities worth Rs 6,040 crore on the same day.

INDIAVIX was positive Yesterday up by 1.58% and is currently trading at 14.6225.

Yesterday, the Indian markets experienced a volatile session. The day started on a positive note with early gains, but these were erased as selling pressure intensified in the second half. This persistent selling dragged the indices down, marking the third consecutive day of losses. By the close, the markets had slipped below the key 24,450 level, reflecting bearish sentiment amid ongoing market uncertainty. Global markets showed mixed sentiment, while continued selling by Foreign Institutional Investors (FIIs) remains a significant concern. Looking ahead, a "sell on rise" strategy is advisable, with the 24,650–24,850 range identified as a potential selling zone, as long as the index stays below 25,000. On the downside, 24,400 serves as a critical support level, and a sustained break below this could lead to further selling, potentially driving the market toward the 24,200–24,000 range. Traders are urged to exercise caution, adhere to strict stop-loss levels, and avoid holding long positions overnight to mitigate risk in this volatile environment.

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