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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 09, following GIFT Nifty trends indicating a loss of 70 points for the broader index.

After a negative opening, Nifty can find support at 23,600 followed by 23,500 and 23,400. On the higher side, 23,800 can be an immediate resistance, followed by 23,900 and 24,000.

The charts of Bank Nifty indicate that it may get support at 49,400 followed by 48,900 and 48,500. If the index advances further, 50,000 would be the initial key resistance, followed by 50,300 and 50,500.

The Foreign institutional investors (FIIs) extended their selling on the fourth day, as they sold equities worth Rs 3,362 crore on January 8, while domestic institutional investors increased their buying as they bought equities worth Rs 2,716.28 crore on the same day.

INDIAVIX was negative Yesterday down by 1.33% and is currently trading at 14.4650.

Yesterday, the Indian markets opened on a flat note. Selling pressure in the first half dragged the Nifty index to an intraday low near the 23,500 mark. However, buying support from lower levels in the later session helped the index recover, closing near the 23,700 mark. Global markets traded on a negative note, while Foreign Institutional Investors (FIIs) continued their selling, raising concerns. On the downside, the 23,500 level remains a critical support zone, with a breach below this mark potentially triggering extended selling towards the 23,200–23,000 range. Conversely, on the upside, immediate resistance is seen at 23,800, with the 24,000 level acting as a significant hurdle. 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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