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

Indian benchmark indices, Sensex and Nifty 50, are expected to open flat, influenced by cues from GIFT Nifty, which was trading around 24,275 earlier this morning.

Nifty and Bank Nifty showed a strong recovery from lower levels, forming an inside candle pattern on the daily chart. If prices sustain above the 24,400 mark, this may confirm a bullish reversal, with the potential to drive the index towards the 24,800 and 25,200 levels in the coming week. On the downside, immediate support is anticipated around the 23,650–23,500 levels, representing a strong demand zone that indicates a possible bottom and early signs of a bullish reversal.

In the banking sector, Bank Nifty is consolidating and showing potential for a breakout above the 52,200 level, suggesting a robust bullish trend, especially within private sector banks. Immediate resistance for Bank Nifty lies at 53,600 and 53,000, while the 51,400 level serves as a critical support on the downside.

The Relative Strength Index (RSI) momentum indicator, currently hovering around 38, suggests that the index may be reversing from oversold territory. Additionally, a bullish divergence is observed on the daily chart, reinforcing the potential for a positive movement.

On the institutional front, Foreign Institutional Investors (FIIs) sold equities worth Rs.2,569 crore on November 5, while Domestic Institutional Investors (DIIs) bought equities worth Rs.3,031 crore on the same day.

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