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

The Indian stock markets, represented by the Sensex and Nifty 50, are likely to open flat today, November 28, as indicated by early trades in the GIFT Nifty, which hovered around 24,313.5. This cautious sentiment reflects global cues and a lack of clear directional triggers in domestic markets.

On the global front, U.S. markets closed lower on Wednesday, with the Nasdaq leading the decline. Technology stocks came under pressure amid concerns that the Federal Reserve might maintain a cautious stance on interest rate cuts, following persistently strong inflation data. These developments have added a layer of uncertainty to investor sentiment worldwide.

Domestically, the Nifty 50 continues to trade within a narrow range of 24,000 to 24,350. Technical indicators, such as the RSI momentum signal, point to a bullish crossover, suggesting potential upward movement. If the index sustains above the 24,400 level, it could move towards 24,800 and even 25,000. On the downside, immediate support levels are seen at 24,000 and 23,900.

Meanwhile, Bank Nifty remains range-bound, oscillating between 51,700 and 52,500. Selling pressure at higher levels and buying interest near support levels have kept the index in check. A breakout above 52,500 could drive it toward 53,000–53,500, while immediate support is positioned at 51,600 and 51,200.

Institutional activity on November 27 was mixed. Foreign Institutional Investors (FIIs) were net buyers of equities worth Rs.7.78 crore, while Domestic Institutional Investors (DIIs) made substantial net purchases of Rs.1,301 crore. This positive domestic inflow underscores continued confidence in Indian markets, even as global uncertainties persist.

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