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Below the Quote on Pre-market comment by Deven Mehata, Research Analysts, Choice Broking Ltd

The benchmark Sensex and Nifty indices are likely to open on a positive note on March 11 as trends in the GIFT Nifty indicate a strong start for the broader index with a gain of 53 points.

After a gap up opening nifty can find support at 22,400 followed by 22,350 and 22,300. On the higher side, 22,600 can be an immediate resistance, followed by 22,650 and 22,700.

The charts of Bank Nifty indicate that it may get support at 47,600, followed by 47,500 and 47,300. If the index advances, 48,200 would be the initial key resistance, followed by 48,500 and 48,630.

Foreign institutional investors (FIIs) net bought shares worth Rs 7,304.11 crore, while domestic institutional investors (DIIs) purchased Rs 2,601.81 crore worth of stocks on March 7, provisional data from the NSE showed.

INDIAVIX was negative by 4.77 percent and is currently trading at 13.6125.

The substantial buying interest from both Foreign Institutional Investors (FII) and Domestic Institutional Investors (DII) is expected to propel the market to higher levels. Nifty has the potential to reach around 22700 in the near term. Traders with long positions are advised to trail their stop loss at 22350 levels. Additionally, traders can consider implementing a buy-on-dips strategy, ensuring adherence to the specified stop loss.

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