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

Indian equity markets are likely to open flat today, as indicated by the GIFT Nifty, which hovered around 24,130 in early trades. This reflects cautious sentiment driven by global cues and a lack of strong domestic triggers. Investors are expected to closely monitor global market trends, crude oil prices, and institutional flows for guidance on market direction. 

In the Nifty 50, the daily chart shows a bearish candle, reflecting profit booking after a pullback from key support levels. Immediate support is placed at 23,800 and 23,680, which align with strong Fibonacci levels. These zones could act as potential reversal points, offering a buying opportunity if confirmed by price action. On the upside, 24,350 serves as immediate resistance. A sustained move above this level could propel the index toward 24,800 and 25,000, unlocking significant upside potential. 

The Bank Nifty formed a strong bearish candle on the daily chart, indicating selling pressure. If the index sustains below the critical level of 52,000, it could test 51,200 and 51,000 as immediate support levels. These zones may provide a buying opportunity if price action signals a reversal. On the upside, resistance is seen at 52,400 and 52,600. A close above these levels could trigger a rally, pushing the index toward 53,200 and 53,600. 

On the institutional front, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs.11,756 crore on November 28, while Domestic Institutional Investors (DIIs) were net buyers, purchasing equities worth Rs.8,718 crore. These flows will be closely watched for their impact on market sentiment. 

Overall, traders should remain cautious and look for confirmation of price action at key levels before initiating fresh positions.

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