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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 flat to negative on Jan 08, following GIFT Nifty trends indicating a loss of 20 points for the broader index.

After a flat to negative opening, Nifty can find support at 23,600 followed by 23,500 and 23,400. On the higher side, 23,850 can be an immediate resistance, followed by 23,950 and 24,050.

The charts of Bank Nifty indicate that it may get support at 50,000 followed by 49,700 and 49,400. If the index advances further, 50,400 would be the initial key resistance, followed by 50,700 and 51,000.

The Foreign institutional investors (FIIs) sold equities worth Rs 1,491.46 crore on January 7, while domestic institutional investors purchased equities worth Rs 1,615.28 crore on the same day.

INDIAVIX was negative Yesterday down by 6.33% and is currently trading at 14.6600.

Yesterday, the Indian markets opened with a strong gap-up and traded sideways throughout the day, sustaining their gains. The Nifty index closed near the 23,700 mark, indicating the need for caution if it breaks and sustains below key support levels. Global markets traded with mixed sentiment, 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 23,850, 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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