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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 Sept 09, following GIFT Nifty trends indicating a loss of -53 points for the broader index.

After a gap down opening, Nifty can find support at 24,750 followed by 24,650 and 24600. On the higher side, 25,000 can be an immediate resistance, followed by 25,050 and 25,100.

The charts of Bank Nifty indicate that it may get support at 50,200, followed by 50,000 and 49,900. If the index advances further, 50,700 would be the initial key resistance, followed by 50,900 and 51,000.

The foreign institutional investors (FIIs) extended their selling on September 6 as they sold equities worth Rs 620 crore, while domestic institutional investors bought equities worth Rs 2121 crore on the same day.

INDIAVIX was positive on Friday up by 7.11% and is currently trading at 15.2175.

On Friday, the Indian markets closed negatively for the third consecutive session and ended near 24,800. Global markets remained down after a jobs report showed the labor market slowing down, leaving traders unsure of how much the Federal Reserve might cut interest rates. On the higher side, the Nifty Index must sustain above 25,000 to maintain upward momentum. On the downside, 24,780 should act as immediate support; if breached, it could trigger further selling pressure down to the 24,500 level. Traders holding long positions are advised to exit on any bounce, and fresh long positions should only be considered if the market holds above 25,000.

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