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Below the Quote on Pre-Market Comment by Mandar Bhojane, Research Analyst, Choice Broking Ltd

The benchmark indices Sensex and Nifty are expected to open in the red today, with GIFT Nifty indicating a potential decline of 95 points for the broader market.

On November 6, Indian markets rallied for a second consecutive session, buoyed by investor optimism following Donald Trump’s victory in the U.S. presidential election. The Nifty crossed the 24,500 mark, with broad-based buying across sectors, especially in IT, realty, oil & gas, and power. However, investors are now looking ahead to the Federal Reserve’s meeting on November 7, hoping for another rate cut.

On the daily chart, Nifty has broken out from a falling trendline and closed above the crucial 24,480 level, indicating a strong recovery from support zones. If Nifty sustains above the 24,500 mark, we could see further upside momentum, with targets around 25,000 and a key resistance at 25,400. On the downside, immediate support lies at 24,000 and 23,800, offering a buying-on-dip opportunity for long positions.

Bank Nifty has shown strength by holding above the 52,300 level. Immediate resistance levels are positioned at 52,600 and 52,800. On the flip side, support is seen at 52,200. Overall, the banking sector remains in a bullish trend.

On November 6, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs.4,445 crore, while Domestic Institutional Investors (DIIs) were net buyers, purchasing equities worth Rs. 4,889.33 crore.

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