Pre-market comment by Deven Mehata, Choice Broking Ltd
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Below the Quote on Pre-market comment by Deven Mehata, Research Analyst, Choice Broking
The benchmark Sensex and Nifty indices are likely to open on a negative note on March 18 as trends in the GIFT Nifty indicate a weak start for the broader index with a loss of 55 points.
Nifty can find support at 21,900 followed by 21,850 and 21,800. On the higher side, 22,100 can be an immediate resistance, followed by 22,150 and 22,200.
The charts of Bank Nifty indicate that it may get support at 46,300, followed by 46,100 and 46,000. If the index advances, 46,800 would be the initial key resistance, followed by 46,950 and 47,100.
Foreign institutional investors (FIIs) net bought shares worth Rs 848.56 crore, while domestic institutional investors (DIIs) sold Rs 682.26 crore worth of stocks on March 15, provisional data from the NSE showed.
INDIAVIX was flat to positive by 0.50 percent and is currently trading at 13.6900.
Friday’s session was weak for the Indian markets but Nifty managed to close the session above 22000 levels. The global markets also traded Negative on Friday. In the today’s session, holding 21950 on a closing basis will be very important. Short term traders holding long positions should keep a strict stop loss of 21950 on a closing basis. Today if Nifty closes below the mentioned support we can see some further correction in the markets.
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