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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 on a negative note on Apr 16, following GIFT Nifty trends indicating a loss of 58 points for the broader index.

After a negative opening, Nifty can find support at 23,200 followed by 23,100 and 23,000. On the higher side, 23,500 can be an immediate resistance, followed by 23,600 and 23,800.

The charts of Bank Nifty indicate that it may get support at 52,000 followed by 51,800 and 51,500. If the index advances further, 52,500 would be the initial key resistance, followed by 52,700 and 53,000.

After remaining net sellers for the last nine days, the Foreign institutional investors (FIIs) turned net buyers on April 15 as they purchased equities worth Rs 6065 crore. However, Domestic institutional investors (DIIs) turned net sellers after three days, as they sold equities of Rs 1951 crore on the same day.

INDIAVIX was negative Yesterday down by 19.81% and is currently trading at 16.1250.

Yesterday, the Indian markets traded sideways throughout the session, following a strong gap-up opening. The Nifty index closed above the 23,300 mark and managed to hold onto its gains, supported by sectoral strength. Global markets showed mixed sentiment, while Foreign Institutional Investors (FIIs) turned net buyers, adding a layer of confidence to the domestic market. On the downside, the 23,000 level acts as immediate support. A breach below this level could trigger extended selling pressure. On the upside, 23,500 remains a key resistance, with a major hurdle near 23,800. A sustained close above these levels would be crucial to confirm a bullish trend and could pave the way for higher targets. Given the current market momentum, traders are advised to maintain a disciplined approach with strict risk management while capitalizing on emerging opportunities

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