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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 21, following GIFT Nifty trends indicating a gain of 34 points for the broader index.

After a positive opening, Nifty can find support at 23,250 followed by 23,100 and 23,000. On the higher side, 23,400 can be an immediate resistance, followed by 23,500 and 23,700.

The charts of Bank Nifty indicate that it may get support at 49,200 followed by 48,800 and 48,500. If the index advances further, 49,700 would be the initial key resistance, followed by 50,000 and 50,300.

The Foreign institutional investors (FIIs) sold equities worth Rs 4,336 crore on January 20, while domestic institutional investors bought equities worth Rs 4,322 crore on the same day.

INDIAVIX was positive Yesterday up by 4.24% and is currently trading at 16.4150.

Yesterday, the Indian markets faced selling pressure at the start of the session following a gap-down opening. However, buying at lower levels helped the market recover, ultimately closing above the 23,300 mark. On the global front, U.S. markets were closed, and Asian markets erased their earlier gains. Meanwhile, Foreign Institutional Investors (FIIs) remained net sellers, raising concerns about the sustainability of the upward momentum. On the downside, if the Nifty breaches the critical 23,200 level, the selling momentum could extend towards the 23,000–22,800 range. Conversely, immediate resistance is seen at 23,500, with the 23,700 level acting as a significant hurdle on the upside. Given the prevailing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying long positions overnight until the Nifty index trades above the 23,500 mark to manage risk effectively.

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