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

Indian benchmark indices, including the Sensex and Nifty, are expected to open on a strong positive note, with the GIFT Nifty indicating a 450-point increase, reflecting bullish market sentiment. However, caution remains warranted.

On November 22, after a robust rebound in the previous session, Indian indices recorded their biggest single-day gains in over five months, driven by broad-based buying across sectors and a recovery in Adani Group stocks. The Nifty surpassed the 23,900 mark intraday, while the Sensex exhibited significant volatility, swinging 1,961.32 points to the upside during the session. The Nifty successfully sustained support above the 23,800 level and formed a strong bullish candle on the daily chart, signaling potential for further upside momentum in the near term.

From a technical perspective, the Nifty faces immediate resistance in the 24,400 to 24,800 Levels. The index is currently trading above its 200-day Exponential Moving Average (EMA), with support identified in the 23,500 to 23,350 zone, which could attract buying interest from opportunistic traders. Similarly, the Bank Nifty closed above the 51,100 level, with further upside potential anticipated only after a decisive breakout above the 52,500 mark. Key support levels are located between 50,600 and 50,200, while resistance is projected in the 52,000 to 52,200 range.

The Relative Strength Index (RSI) for the Nifty stands at 44.41 and is trending upward, suggesting an increase in buying momentum. On the institutional front, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs.1,278.37 crore. Conversely, Domestic Institutional Investors (DIIs) supported the market with net purchases of Rs.1,722.15 crore, highlighting robust domestic buying interest despite weak global sentiment.

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