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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 positive on Jan 14, following GIFT Nifty trends indicating a gain of 111 points for the broader index.

After a positive opening, Nifty can find support at 23,000 followed by 22,900 and 22,800. On the higher side, 23,250 can be an immediate resistance, followed by 23,400 and 23,500.

The charts of Bank Nifty indicate that it may get support at 47,900 followed by 47,500 and 47,300. If the index advances further, 48,400 would be the initial key resistance, followed by 48,700 and 49,000.

The Foreign institutional investors (FIIs) sold equities worth Rs 4,892.84 crore on January 13, on the other hand domestic institutional investors bought equities worth Rs 8,066 crore on the same day.

INDIAVIX was positive Yesterday up by 7.26% and is currently trading at 15.9975.

Yesterday, the Indian markets witnessed intense selling pressure, leading to a gap-down opening. The Nifty index hit a low of 23,047.25 and struggled to recover throughout the session, closing below the 23,100 mark, reflecting weak market sentiment. Global markets also traded under pressure, while Foreign Institutional Investors (FIIs) remained net sellers, raising concerns over continued selling pressure. On the downside, the selling momentum could extend towards the 22,800 mark, if the Nifty breaches the critical 23,000 level. Conversely, immediate resistance is seen at 23,300, with the 23,500 level 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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