IGI Logo

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 Dec 10, following GIFT Nifty trends indicating a gain of 26 points for the broader index.

After a positive opening, Nifty can find support at 24,500 followed by 24,400 and 24,300. On the higher side, 24,750 can be an immediate resistance, followed by 24,850 and 25,000.

The charts of Bank Nifty indicate that it may get support at 53,200 followed by 53,000 and 52,800. If the index advances further, 53,600 would be the initial key resistance, followed by 53,900 and 54,200.

Foreign institutional investors (FIIs) turned net buyers on December 9 as they bought equities worth Rs 724 crore on December 9, on the other hand, domestic institutional investors sold equities worth Rs 1,648 crore on the same day.

INDIAVIX was negative Yesterday down by 0.23% and is currently trading at 14.1075.

Yesterday, the Indian markets traded sideways throughout the day, with the Nifty index closing negative for the second consecutive session, near the 24,600 mark. On the global front, markets also traded in the red. However, Foreign Institutional Investors (FIIs) turned net buyers, signaling potential positive momentum for the domestic market in the coming sessions. Looking ahead, the 24,800 level is expected to act as a significant resistance, followed by the 25,000 mark, which is considered a strong resistance. A sustained breakout above these levels could open the door for further upside. On the downside, immediate support is identified at the 24,500 level, followed by 24,300. Traders are advised to adopt a buy-on-dips strategy as long as the index remains above 24,200. To manage risk effectively, a strict stop-loss should be placed at 24,000 on a closing basis.

Above views are of the author and not of the website kindly read disclaimer