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 Ltd
Morning Outlook for 22nd Feb 2024
The benchmark Sensex and Nifty indices are likely to open on a positive note on February 22 as trends in the GIFT Nifty indicate a higher start for the broader index with a gain of 83.50 points.
After a gap up opening, Nifty can find support at 22,000 followed by 21,950 and 21,900. On the higher side, 22,150 can be an immediate resistance, followed by 22,200 and 22,250.
The charts of Bank Nifty indicate that it may get support at 47,000, followed by 46,900 and 46,700. If the index advances, 47,250 would be the initial key resistance, followed by 47,500 and 47,600.
Foreign institutional investors (FIIs) net bought shares worth Rs 284.66 crore, while domestic institutional investors (DIIs) sold Rs 411.57 crore worth of stocks on February 21, provisional data from the NSE showed.
INDIAVIX was flat yesterday and is currently trading at 15.9275.
Yesterday, the market saw profit booking from the resistance of 22250, but it managed to close above 22000 levels. Today, on the day of the Nifty's weekly expiry, 22000 will provide significant support. Traders with long positions should closely adhere to the stop loss of 22000 on closing basis. Yesterday, the Bank Nifty managed to stay above 47000, and we may expect it to climb higher to 47300 - 47500 levels.
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