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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 Jan 24, following GIFT Nifty trends indicating a gain of 53 points for the broader index.

After a positive opening, Nifty can find support at 23,100 followed by 23,000 and 22,800. On the higher side, 23,300 can be an immediate resistance, followed by 23,400 and 23,500.

The charts of Bank Nifty indicate that it may get support at 48,300 followed by 48,000 and 47,500. If the index advances further, 48,800 would be the initial key resistance, followed by 49,100 and 49,500.

The Foreign institutional investors (FIIs) remained net sellers on the 15th consecutive day as they sold equities worth Rs 5,462.52 crore on January 23, on the other hand, domestic institutional investors bought equities worth Rs 3,712 crore on the same day.

INDIAVIX was negative Yesterday down by 0.46% and is currently trading at 16.6950.

Yesterday, the Indian markets witnessed follow-through buying at the start of the session, followed by sideways trading later in the day. The index managed to close above the 23,200 mark, suggesting a pause in the ongoing downtrend. While global markets traded on a positive note, Foreign Institutional Investors (FIIs) remained net sellers, raising concerns about the sustainability of the upward momentum. On the downside, if selling pressure persists at higher levels, the Nifty could test 22,800, followed by 22,500. A breach below the 23,000 mark would be a key area of concern. On the upside, immediate resistance is observed at 23,300, with 23,500 acting as a significant hurdle. Given the prevailing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying long positions overnight unless the Nifty index sustains above the 23,500 mark to effectively manage risk.

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