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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 Dec 17, following GIFT Nifty trends indicating a loss of 77 points for the broader index.

After a negative opening, Nifty can find support at 24,550 followed by 24,500 and 24,400. On the higher side, 24,800 can be an immediate resistance, followed by 24,900 and 25,000.

The charts of Bank Nifty indicate that it may get support at 53,300 followed by 53,100 and 52,800. If the index advances further, 53,800 would be the initial key resistance, followed by 54,000 and 54,300.

Foreign institutional investors (FIIs) sold equities worth Rs 278 crore on December 16, while domestic institutional investors also sold equities worth Rs 234 crore on the same day.

INDIAVIX was positive Yesterday up by 7.41% and is currently trading at 14.0200.

Yesterday, the Indian markets experienced significant volatility, with the Nifty index witnessing selling pressure and closing on a negative note near the 24,650 mark. Global markets displayed mixed sentiment, as the Dow Jones closed negative for the eighth consecutive session, while the Nasdaq traded at record-high levels. Foreign Institutional Investors (FIIs) were net sellers, indicating a cautious outlook in the market. Looking ahead, the 24,800 level is expected to act as a key resistance, followed by a stronger hurdle at 25,000. A decisive breakout above these levels could pave the way for further upside. On the downside, immediate support is positioned at 24,550, with the next critical level at 24,400. Traders are advised to adopt a buy-on-dips strategy as long as the index holds above these support levels. To manage risk effectively, it is recommended to maintain a strict stop-loss at 24,200 on a closing basis.

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