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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 Oct 2, following GIFT Nifty trends indicating a gain of 06 points for the broader index.

After a flat opening, Nifty can find support at 24,400 followed by 24,200 and 24,100. On the higher side, 24,600 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 3,978 crore on October 22, while domestic institutional investors purchased equities worth Rs 5869 crore on the same day.

INDIAVIX was positive Yesterday up by 4.60% and is currently trading at 14.3950.

Yesterday, the Indian markets saw some buying at the start of the session but failed to sustain the gains, extending selling pressure and closing on a negative note for the second consecutive day, falling below the 24,500 mark. Broad-based selling was observed across all sectors, with major indices experiencing a sharp decline as investors turned cautious due to weak global cues and underperformance across sectors. Global markets traded with mixed sentiment, while persistent selling by Foreign Institutional Investors (FIIs) remains a concern. Looking ahead, a "sell on rise" strategy is recommended, with the 24,650–24,850 range considered a potential selling zone, as long as the index stays below 25,000. On the downside, the 24,400 level serves as critical support, and a sustained break below this level could trigger further selling, potentially driving the market toward the 24,200–24,000 range. Traders are advised to remain cautious, stick to strict stop-loss levels, and avoid holding long positions overnight to mitigate risk in this volatile environment.

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