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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 negative on Dec 09, following GIFT Nifty trends indicating a loss of 49 points for the broader index.

After a negative 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 53,300 followed by 53,100 and 52,800. If the index advances further, 53,700 would be the initial key resistance, followed by 54,000 and 54,200.

Foreign institutional investors (FIIs) offloaded equities worth Rs 1,830 crore on December 6, on the other hand, domestic institutional investors purchased equities worth Rs 1,659 crore on the same day.

INDIAVIX was negative on Friday down by 2.67% and is currently trading at 14.1400.

On Friday, the Indian markets opened flat and traded sideways throughout the day. The Nifty index ended slightly negative, slipping below the 24,700 mark after five consecutive days of strong gains. On the global front, markets exhibited mixed sentiment, while Foreign Institutional Investors (FIIs) were the net sellers, raising concerns for the domestic market. Looking ahead, the 25,000 level is expected to act as a significant resistance. A sustained breakout above this level could pave the way for further upside. On the downside, immediate support is seen at the 24,500 level, followed by the 24,300 mark. 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.

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