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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 06, following GIFT Nifty trends indicating a gains of 51 points for the broader index.

After a positive opening, Nifty can find support at 23,950 followed by 23,850 and 23,800. On the higher side, 24,150 can be an immediate resistance, followed by 24,250 and 24,350.

The charts of Bank Nifty indicate that it may get support at 50,800 followed by 50,500 and 50,200. If the index advances further, 51,200 would be the initial key resistance, followed by 51,500 and 51,700.

The Foreign institutional investors (FIIs) sold equities worth Rs 4,227 crore on January 3, while domestic institutional bought equities worth Rs 820 crore on the same day.

INDIAVIX was negative on Friday down by 1.44% and is currently trading at 13.5400.

On Friday, the Indian markets experienced significant selling pressure after three consecutive sessions of strong buying, closing on a negative note. The Nifty index settled near the crucial 24,000 mark, indicating the need for caution if it breaches below key support zones. Global markets traded on a positive note, while Foreign Institutional Investors (FIIs) turned net sellers once again, which could raise concerns. On the downside, the 24,000 level remains a critical support zone; a breach below this mark could trigger extended selling towards the 23,800–23,600 range. Conversely, on the upside, immediate resistance is seen at 24,200, with the 24,400 level acting as a significant hurdle. Given the current market setup, traders are advised to consider buying on dips as long as the index holds above 24,000, with 23,800 as a closing-basis stop-loss to manage risks effectively.

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