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Below the Quote on Pre-Market Comment by Hardik Matalia, Research Analyst, Choice Broking

The benchmark Sensex and Nifty indices are expected to open positive on Dec 06, following GIFT Nifty trends indicating a gains of 30 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, 24,800 can be an immediate resistance, followed by 24,900 and 25,000.

The charts of Bank Nifty indicate that it may get support at 53,400 followed by 53,100 and 52,800. If the index advances further, 53,900 would be the initial key resistance, followed by 54,200 and 54,400.

Foreign institutional investors (FIIs) bought equities of Rs 8,539.91 crore on December 5, on the other hand, domestic institutional investors sold equities of Rs 2,303 crore on the same day.

INDIAVIX was positive Yesterday up by 0.54% and is currently trading at 14.5275.

Yesterday, the Indian markets opened on a flat to positive note and experienced a highly volatile session throughout the day. The Nifty index closed above the 24,700 mark, marking its fifth consecutive session of gains. On the global front, markets traded with mixed sentiment, while buying activity from FIIs suggests a positive momentum for the domestic market in the coming sessions. Looking ahead, the 25,000 level is expected to act as a key resistance, and a sustained breakout above this mark could open the door for further upside. On the downside, the 24,500 level serves as an immediate support zone, followed by the 24,300 mark. Traders are advised to adopt a buy-on-dips strategy as long as the index holds above 24,200, with a strict stop-loss at 24,000 on a closing basis to effectively manage risk.

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