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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 Apr 17, following GIFT Nifty trends indicating a loss of 48 points for the broader index.

After a negative opening, Nifty can find support at 23,300 followed by 23,200 and 23,000. On the higher side, 23,500 can be an immediate resistance, followed by 23,600 and 23,800.

The charts of Bank Nifty indicate that it may get support at 52,800 followed by 52,500 and 52,300. If the index advances further, 53,300 would be the initial key resistance, followed by 53,500 and 53,800.

The Foreign institutional investors (FIIs) extended buying on second day as they bought equities worth Rs 3936 crore. However, Domestic institutional investors (DIIs) extended their selling on second session as they sold equities of Rs 2512 crore on the same day.

INDIAVIX was negative Yesterday down by 1.61% and is currently trading at 15.8650.

Yesterday, the Indian markets opened flat and traded sideways to bearish in the early part of the session. However, strong buying interest toward the end helped the Nifty index close above the 23,400 mark, supported by sectoral strength. Global markets exhibited mixed sentiment, while continued buying by Foreign Institutional Investors (FIIs) added confidence to the domestic outlook. On the downside, the 23,300 level serves as immediate support, followed by strong support near 23,000. On the upside, 23,500 remains a key resistance, with a major hurdle around 23,800. A sustained close above these levels would be essential to confirm a bullish trend and could open the door for higher targets. Given the current momentum, traders are advised to adopt a disciplined approach, with strict risk management, while capitalizing on emerging opportunities.

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