IGI Logo

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

The benchmark Sensex and Nifty indices are expected to open flat on Dec 11, following GIFT Nifty trends indicating a loss of 8 points for the broader index.

After a flat 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 24,950.

The charts of Bank Nifty indicate that it may get support at 53,300 followed by 53,000 and 52,800. If the index advances further, 53,700 would be the initial key resistance, followed by 53,900 and 54,200.

Foreign institutional investors (FIIs) extended their buying on December 10, buying equities worth Rs 1,285.96 crore, while domestic institutional investors also bought equities worth Rs 605.79 crore on the same day.

INDIAVIX was negative Yesterday down by 2.34% and is currently trading at 13.7775.

Yesterday, the Indian markets experienced volatility, with the Nifty index closing marginally lower for the third consecutive session, settling near the 24,600 mark. Global markets also traded in negative territory, adding to the cautious sentiment. Despite this, Foreign Institutional Investors (FIIs) continued their buying activity, signaling potential positive momentum for the domestic markets in the coming sessions. Looking forward, the 24,850 level is expected to act as a key resistance, followed by the stronger barrier at 24,950. A decisive breakout above these levels could pave the way for further upside. On the downside, immediate support is seen at 24,500, with the next significant level at 24,300. Traders are advised to adopt a buy-on-dips approach as long as the index stays above 24,200. To manage risk effectively, it is recommended to maintain a strict stop-loss at 24,000 on a closing basis.

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