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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 flat to positive note on May 23, following GIFT Nifty trends indicating a gains of 40 points for the broader index.

After a flat to positive opening, Nifty can find support at 24,600 followed by 24,500 and 24,400. On the higher side, 24,700 can be an immediate resistance, followed by 24,800 and 24,900.

The charts of Bank Nifty indicate that it may get support at 54,700 followed by 54,400 and 54,200. If the index advances further, 55,000 would be the initial key resistance, followed by 55,300 and 55,700.

The Foreign institutional investors (FIIs) sold equities worth Rs 5,045.36 crore on May 22, while Domestic institutional investors (DIIs) bought equities worth Rs 3,715 crore on the same day.

INDIAVIX was negative Yesterday down by 1.65% and is currently trading at 17.2575.

Yesterday, Indian market indices opened on a negative note. While some initial selling pressure was observed and the index traded sideways throughout the day, the Nifty index witnessed buying at lower levels, which helped it hold above the 24,600 mark. The Nifty declined by 203.75 points (0.82%), ending the session at 24,609.70. Global markets traded with mixed sentiment. However, Foreign Institutional Investors (FIIs) remained net sellers, indicating some caution in the market. On the downside, immediate support is placed at the 24,500 level, with a stronger support base around 24,400. Buying on dips may be considered as long as the index sustains above 24,400 on a closing basis. A breach below these levels could trigger renewed selling pressure. On the upside, 24,700 acts as the first resistance level, followed by a key hurdle near 24,800. A decisive breakout above this zone is crucial to ignite fresh buying momentum. Given the current market dynamics and global uncertainties, traders are advised to adopt a disciplined approach with strict risk management. It is also prudent to avoid large overnight positions and focus on short-term trading opportunities with tight stop-loss strategies.

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