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Below the Quote on Pre-Market Comment by Hardik Matalia, Research Analyst, Choice Broking Ltd

The benchmark Sensex and Nifty indices are expected to open on a negative note on May 09, following GIFT Nifty trends indicating a loss of 296 points for the broader index.

After a negative opening, Nifty can find support at 24,000 followed by 23,800 and 23,700. On the higher side, 24,300 can be an immediate resistance, followed by 24,400 and 24,500.

The charts of Bank Nifty indicate that it may get support at 54,000 followed by 53,700 and 53,400. If the index advances further, 54,600 would be the initial key resistance, followed by 54,900 and 55,300.

The Foreign institutional investors (FIIs) continued their buying for the 16th consecutive session on May 8 as they bought equities of Rs 2,007 crore. On the other hand, Domestic institutional investors (DIIs) sold equities of Rs 596 crore on the same day.

INDIAVIX was positive Yesterday up by 10.22% and is currently trading at 21.0075.

Yesterday, Indian market indices opened on a flat note and traded sideways during the first half of the session. However, strong selling pressure in the latter half dragged the Nifty index lower, marking an intraday low of 24,150.20. The index eventually ended the session on a negative note, closing below the 24,300 mark at 24,273.80. Despite positive global cues and continued buying by Foreign Institutional Investors (FIIs) supporting overall market sentiment, the bearish undertone prevailed. On the downside, immediate support is seen at the 24,000 level, with a stronger base near the 23,800 mark. A breach below these levels could trigger extended selling pressure. On the upside, 24,300 remains a key resistance level, followed by a strong hurdle around the 24,500 mark. A decisive breakout above this zone is essential to encourage fresh buying momentum. Given the current market dynamics, traders are advised to adopt a disciplined approach with strict risk management, focusing on short-term trading opportunities. Considering the prevailing global uncertainties, it is also prudent to avoid large overnight positions and enforce tight risk controls.

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