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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 negative on Jan 10, following GIFT Nifty trends indicating a loss of 59 points for the broader index.

After a negative opening, Nifty can find support at 23,400 followed by 23,300 and 23,200. On the higher side, 23,600 can be an immediate resistance, followed by 23,700 and 23,800.

The charts of Bank Nifty indicate that it may get support at 49,200 followed by 48,900 and 48,500. If the index advances further, 49,800 would be the initial key resistance, followed by 50,000 and 50,300.

The Foreign institutional investors (FIIs) remained net sellers on the fifth day, as they sold equities worth Rs 7,170 crore on January 9, on the other hand domestic institutional investors bought equities worth Rs 7,639 crore on the same day.

INDIAVIX was positive Yesterday down by 1.33% and is currently trading at 14.6575.

Yesterday, the Indian markets experienced sharp selling pressure following a flat opening. The Nifty index dropped to a low near the 23,500 mark, with no significant buying observed at lower levels, resulting in the index closing near its day's low. Global markets also traded on a negative note, while Foreign Institutional Investors (FIIs) remained net sellers, raising concerns. On the downside, selling pressure could extend towards the 23,200-22,800 range if the index sustains below the critical 23,500 level. Conversely, immediate resistance is seen at 23,600, with the 23,850 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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