Quote on Pre-Market Comment by Hardik Matalia, Research Analyst, Choice Broking Ltd
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 29, following GIFT Nifty trends indicating a gain of 55 points for the broader index.
After a positive opening, Nifty can find support at 22,800 followed by 22,650 and 22,500. On the higher side, 23,050 can be an immediate resistance, followed by 23,150 and 23,300.
The charts of Bank Nifty indicate that it may get support at 48,500 followed by 48,200 and 47,900. If the index advances further, 49,000 would be the initial key resistance, followed by 49,300 and 49,600.
The Foreign institutional investors (FIIs) sold equities worth Rs 4,920.69 crore on January 28, on the other hand, domestic institutional investors bought equities worth Rs 6,814.33 crore on the same day.
INDIAVIX was positive Yesterday up by 0.34% and is currently trading at 18.1950.
Yesterday, the Indian markets experienced high volatility, with a strong move at the start of the session. However, the Nifty index failed to sustain higher levels, as selling pressure dragged it below the 23,000 mark during the session. Despite this, the index managed to end on a positive note. Its inability to hold higher levels signals caution for the upcoming sessions. Meanwhile, global markets traded on a positive note, but Foreign Institutional Investors (FIIs) remained net sellers, raising concerns about the sustainability of the upward momentum. On the downside, if selling pressure persists and the Nifty sustains below the 22,800 mark, it could signal further weakness, potentially extending the decline toward the 22,500–22,000 range. On the upside, immediate resistance is seen at 23,000, with a significant hurdle at 23,200. Given the prevailing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying long positions overnight to effectively manage risk.
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