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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 note on May 28, following GIFT Nifty trends indicating a loss of 15 points for the broader index.

After a flat opening, Nifty can find support at 24,700 followed by 24,600 and 24,500. On the higher side, 24,900 can be an immediate resistance, followed by 25,000 and 25,100.

The charts of Bank Nifty indicate that it may get support at 55,100 followed by 54,700 and 54,500. If the index advances further, 55,500 would be the initial key resistance, followed by 55,800 and 56,000.

Foreign institutional investors (FIIs) net bought equities worth Rs 348 crore on May 27, while domestic institutional investors (DIIs) purchased Rs 10,104 crore.

INDIAVIX was positive Yesterday up by 2.86% and is currently trading at 18.5350.

Yesterday, Indian market indices opened with a gap-down. Initial selling pressure was observed, followed by strong buying at lower levels. However, the index was unable to sustain higher levels and faced rejection. Ultimately, the Nifty ended the session slightly above the 24,800 mark, closing on a negative note with a decline of 174.95 points (-0.70%). Global markets traded on a positive note. Despite the domestic decline, Foreign Institutional Investors (FIIs) remained net buyers, reflecting growing confidence in the Indian market. On the downside, immediate support is placed at the 24,700 level, with a stronger support base near 24,500. Buying on dips may be considered as long as the index sustains above 24,500 on a closing basis. A breach below this zone could trigger renewed selling pressure. On the upside, 24,900 acts as the first resistance, followed by a key hurdle near 25,000. A decisive breakout above this zone is crucial to trigger 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 instead focus on short-term trading opportunities with tight stop-loss strategies.

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