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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 Nov 08, following GIFT Nifty trends indicating a loss of 03 points for the broader index.

After a flat opening, Nifty can find support at 24,100 followed by 24,000 and 23,900. On the higher side, 24,300 can be an immediate resistance, followed by 24,400 and 24,500.

The charts of Bank Nifty indicate that it may get support at 51,700 followed by 51,400 and 51,200. If the index advances further, 52,100 would be the initial key resistance, followed by 52,300 and 52,500.

The foreign institutional investors (FIIs) sold equities worth Rs 4,888crore on November 7, while domestic institutional investors purchased equities worth Rs 1,786 crore on the same day.

INDIAVIX was positive Yesterday up by 0.49% and is currently trading at 14.9400.

Yesterday, the Indian markets experienced a volatile session, with selling pressure dragging the Nifty index below the 24,200 mark. The indices erased the gains from the previous session, closing near 24,200. Global markets showed mixed sentiment, with some moving higher after the Federal Reserve announced a rate cut. However, persistent selling by Foreign Institutional Investors (FIIs) continues to weigh on the markets. On the downside, 24,000 is expected to act as a key support level; a break below this level could push the index toward the 23,800-23,500 range. Looking ahead, 24,500 is a critical resistance level. A sustained close above this level would be essential for reversing the current downtrend, with 24,700 as the next resistance level to watch. If the index closes strongly and holds above 24,800, it could create fresh buying opportunities. In this volatile environment, traders are advised to remain cautious, implement strict stop-losses, and avoid holding long positions overnight to effectively manage risk.

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