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 20, following GIFT Nifty trends indicating a gains of 27 points for the broader index.

After a positive opening, Nifty can find support at 23,100 followed by 23,000 and 22,800. On the higher side, 23,300 can be an immediate resistance, followed by 23,400 and 23,500.

The charts of Bank Nifty indicate that it may get support at 48,300 followed by 47,900 and 47,500. If the index advances further, 48,800 would be the initial key resistance, followed by 49,200 and 49,500.

The Foreign institutional investors (FIIs) sold equities worth Rs 3,318.06 crore on January 17, while domestic institutional bought equities worth Rs 2,572 crore on the same day.

INDIAVIX was positive on Friday up by 1.83% and is currently trading at 15.7475.

On Friday, the Indian markets traded within a wide range following a gap-down opening. The Nifty index hit an intraday low of 23,100.35 before recovering to close near the 23,200 mark, indicating buying at lower levels. Global markets remained positive as investors anticipated a series of policy changes under the incoming Trump administration. However, Foreign Institutional Investors (FIIs) remained net sellers, raising concerns about sustained upside momentum. On the downside, if the Nifty breaches the critical 23,000 level, the selling momentum could extend towards the 22,800 mark. Conversely, immediate resistance lies at 23,300, with the 23,500 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 to manage risk effectively.

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