Quote on Pre-market comment for Wednesday December 24 by Amruta Shinde, Technical & Derivative analyst, Choice Broking
Below the Quote on Pre-market comment for Wednesday December 24 by Amruta Shinde, Technical & Derivative analyst, Choice Broking
Indian equities are expected to open on a flat to mildly positive note on December 24, with GIFT Nifty indicating a start near 26,229, around 22 points higher. Overall sentiment remains cautiously constructive despite mixed global cues and the absence of major domestic triggers. Market participants will closely track global equity trends, crude oil price movements, and institutional fund flows for incremental directional cues during the session.
From a technical perspective, the Nifty 50 continues to consolidate near higher levels. In the previous session, the index opened positive and traded largely sideways. Although it briefly moved above the 26,200 mark, it failed to sustain the breakout, indicating a lack of follow-through buying and consolidation near resistance. Immediate resistance is placed in the 26,250–26,300 zone, while key supports are seen at 26,000–26,050. As long as the index sustains above the 26,000 level, a selective buy-on-dips strategy remains favorable, subject to strict stop-loss discipline.
Bank Nifty also remained range-bound, opening flat and oscillating between 59,200 and 59,400 through the session, reflecting indecisiveness after recent gains. This price action suggests that intraday declines are being absorbed by buyers, keeping the broader structure constructive. Immediate resistance is placed at 59,500–59,600, while supports at 59,000 and 59,100 will be critical to maintain near-term stability across banking heavyweights.
On the institutional front, Foreign Institutional Investors were net sellers on December 23, offloading equities worth Rs 1,794 crore. However, Domestic Institutional Investors continued to provide support, with net purchases of Rs 3,812 crore, cushioning downside pressure. Given prevailing volatility and global uncertainties, traders are advised to remain selective and adopt a buy-on-dips strategy. Prudent leverage, tight trailing stop-losses, and staggered profit-booking are recommended. Fresh long positions should be considered only on a sustained breakout above 26,300, accompanied by close monitoring of global cues and key technical levels.
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