IGI Logo

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 07, following GIFT Nifty trends indicating a gains of 80 points for the broader index.

After a positive opening, Nifty can find support at 23,550 followed by 23,400 and 23,200. On the higher side, 23,850 can be an immediate resistance, followed by 23,950 and 24,050.

The charts of Bank Nifty indicate that it may get support at 49,700 followed by 49,400 and 48,900. If the index advances further, 50,300 would be the initial key resistance, followed by 50,500 and 50,800.

The Foreign institutional investors (FIIs) sold equities worth Rs 2,575 crore on January 6, while domestic institutional bought equities worth Rs 5,749 crore on the same day.

INDIAVIX was strongly positive Yesterday up by 15.58% and is currently trading at 15.6500.

Yesterday, the Indian markets opened flat, but significant selling pressure dragged the indices lower, resulting in a negative close for the second consecutive day. The Nifty index ended near the 23,600 mark, signaling the need for caution if it continues to sustain at these lower levels. Global markets traded on a positive note, while Foreign Institutional Investors (FIIs) continued their selling, which could raise concerns. On the downside, the 23,500 level remains a critical support zone; a breach below this mark could trigger extended selling towards the 23,200–23,000 range. Conversely, on the upside, immediate resistance is seen at 23,850, with the 24,000 level acting as a significant hurdle. 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.

Above views are of the author and not of the website kindly read disclaimer