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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 negative on Jan 13, following GIFT Nifty trends indicating a loss of 224 points for the broader index.

After a negative opening, Nifty can find support at 23,200 followed by 23,000 and 22,800. 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 48,400 followed by 47,900 and 47,500. If the index advances further, 48,800 would be the initial key resistance, followed by 49,400 and 50,000.

The Foreign institutional investors (FIIs) remained net seller on sixth consecutive day, as they sold equities worth Rs 2,254.68 crore on January 10, on the other hand domestic institutional bought equities worth Rs 3,961.92 crore on the same day.

INDIAVIX was positive on Friday up by 1.76% and is currently trading at 14.9150.

On Friday, the Indian markets witnessed sharp selling pressure following a flat opening. The Nifty index declined to a low near the 23,300 mark before recovering slightly, closing above the 23,400 level. Global markets also traded negatively, while Foreign Institutional Investors (FIIs) remained net sellers, raising concerns over sustained selling pressure. On the downside, the selling momentum could extend towards the 23,200-22,800 range as the Nifty continues to trade below the critical 23,500 mark. Conversely, immediate resistance is observed at the 23,600 level, with the 23,800 mark acting as a significant hurdle on the upside. Given the prevailing volatility, traders are advised to exercise caution, implement strict stop-loss measures, and avoid carrying long positions overnight to manage risk effectively.

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