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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 positive note on May 14, following GIFT Nifty trends indicating a gain of 94 points for the broader index.

After a positive opening, Nifty can find support at 24,500 followed by 24,400 and 24,300. On the higher side, 24,700 can be an immediate resistance, followed by 24,800 and 24,850.

The charts of Bank Nifty indicate that it may get support at 54,800 followed by 54,500 and 54,300. If the index advances further, 55,300 would be the initial key resistance, followed by 55,500 and 55,800.

The Foreign institutional investors (FIIs) sold equities worth Rs 476 crore on May 13, while Domestic institutional investors (DIIs) extended their buying on the third day as they bought equities of Rs 4,273 crore on the same day.

INDIAVIX was negative Yesterday down by 1.05% and is currently trading at 18.2000.

Yesterday, Indian market indices opened with a gap-down. Although some buying was seen at the start of the session, the Nifty index failed to sustain higher levels, and profit booking dragged the index lower. The Nifty declined by 346.35 points (1.39%), closing on a negative note slightly below the 24,600 mark at 24,578.35. Despite global markets trading on a positive note, Foreign Institutional Investors (FIIs) were net sellers, which could be a cautious signal for the near term. On the downside, immediate support is seen at the 24,500 level, with a stronger base near the 24,300 mark; buying on dips could be considered as long as the index holds above the 24,200 level on a closing basis. A breach below these support levels could trigger renewed selling pressure. On the upside, 24,700 remains a key resistance level, followed by a significant hurdle around the 25,000 mark. A decisive breakout above this zone is essential to sustain 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 prevailing global uncertainties, it is also prudent to avoid large overnight positions and enforce tight risk controls.

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