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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 03, following GIFT Nifty trends indicating a loss of 95 points for the broader index.

After a negative opening, Nifty can find support at 24,000 followed by 23,900 and 23,800. On the higher side, 24,250 can be an immediate resistance, followed by 24,350 and 24,500.

The charts of Bank Nifty indicate that it may get support at 51,300 followed by 51,000 and 50,800. If the index advances further, 51,800 would be the initial key resistance, followed by 52,000 and 52,200.

After remaining net sellers in the last 12 sessions, the Foreign institutional investors (FIIs) bought equities worth Rs 1,506 crore on January 2, while domestic institutional investors bought equities worth Rs 22 crore on the same day.

INDIAVIX was negative Yesterday down by 5.31% and is currently trading at 13.7375.

Yesterday, the Indian markets witnessed strong buying momentum after a flat opening, closing on a positive note. The Nifty index ended near the 24,200 mark, reinforcing a potentially bullish outlook for the near term. Global markets traded with mixed sentiment, while Foreign Institutional Investors (FIIs) turned net buyers, indicating increased confidence in the Indian growth story. On the downside, the 24,000 level remains a crucial support zone; a breach of this level could trigger extended selling towards the 23,800–23,600 range. Conversely, on the upside, immediate resistance is observed at 24,300, with the 24,500 level acting as a significant hurdle. Given the current market setup, traders are advised to start buying on dips as long as the index holds above 24,000, with 23,800 as a stop-loss on a closing basis to manage risks effectively.

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