Post-Market Comment by Hardik Matalia, Derivative Analyst, Choice Broking
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The benchmark Sensex and Nifty indices are expected to open on a flat note on Mar 12, following GIFT Nifty trends indicating a gains of 02 points for the broader index.
After a flat opening, Nifty can find support at 22,400 followed by 22,300 and 22,200. On the higher side, 22,600 can be an immediate resistance, followed by 22,700 and 22,800.
The charts of Bank Nifty indicate that it may get support at 47,700 followed by 47,400 and 47,000. If the index advances further, 48,000 would be the initial key resistance, followed by 48,300 and 48,500.
The Foreign institutional investors (FIIs) continued their selling on March 11 as they sold equities worth Rs 2,823 crore. On the other hand, domestic institutional investors (DIIs) continued their buying as they bought equities of more than Rs 2,000 crore, on the same day.
INDIAVIX was positive Yesterday up by 0.63% and is currently trading at 14.0725.
Yesterday, the Indian markets opened with a gap-down on a negative note, but strong buying from lower levels helped the Nifty index close slightly positive, just below the 22,500 mark. Global markets showed mixed sentiment, with concerns persisting as Foreign Institutional Investors (FIIs) remained net sellers. On the downside, 22,400 serves as an immediate support level, and a breach below this mark could trigger extended selling toward the 22,300–22,000 range. On the upside, immediate resistance is seen at 22,600, followed by a critical hurdle near 22,800. A sustained close above these resistance levels is necessary to confirm a bullish reversal. Given the ongoing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying overnight positions.
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