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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 positive on Jan 28, following GIFT Nifty trends indicating a gains of 118 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, 23,000 can be an immediate resistance, followed by 23,100 and 23,200.

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

The Foreign institutional investors (FIIs) sold equities worth Rs 5,015 crore on January 28, on the other hand, domestic institutionals bought equities worth Rs 6,642 crore on the same day.

INDIAVIX was positive Yesterday up by 8.29% and is currently trading at 18.1325.

Yesterday, the Indian markets witnessed sharp selling throughout the trading session, following a gap-down opening. The index fell below the 22,800 mark intraday but managed to close slightly above it, indicating caution in the upcoming sessions. Additionally, global markets traded negatively, and 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, with the index potentially extending its 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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