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

The benchmark indices, Sensex and Nifty, are expected to open in the red today, with GIFT Nifty indicating a potential 100-point decline for the broader market. The breakdown of the recent inside candlestick pattern suggests that the market is currently facing resistance around the 24,500 level. Nifty’s inability to hold above this threshold indicates that bullish momentum is weakening, with buyers struggling to push the index higher.

On the downside, the 24,000 and 23,650 levels are expected to provide strong support, potentially presenting buying opportunities for long positions. If Nifty sustains above 24,500 in the coming week, we may see it gain momentum to test higher levels around 24,800 and 25,200. However, if the support levels at 24,000 and 23,650 are breached, further downside pressure could ensue.

Bank Nifty is currently trading in a sideways range between 51,000 and 52,500. Strong selling pressure is observed at resistance, while buying interest at support levels keeps the index range-bound. If prices break above the 52,500 level and sustain, Bank Nifty could rally further to 53,000 and 53,500. On the flip side, immediate support is expected around the 51,200 and 51,000 levels.

Foreign institutional investors (FIIs) sold equities worth Rs 3,404 crore on November 8, while domestic institutional investors (DIIs) purchased equities worth Rs 1,748 crore, balancing some of the selling pressure.

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