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

Morning Outlook for 23rd Feb 2024

The benchmark Sensex and Nifty indices are likely to open higher on February 23 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 60 points.

After a gap up opening, Nifty can find support at 22,200 followed by 22,150 and 22,100. On the higher side, 22,350 can be an immediate resistance, followed by 22,400 and 22,500.

The charts of Bank Nifty indicate that it may get support at 46,800, followed by 46,650 and 46,500. If the index advances, 47,150 would be the initial key resistance, followed by 47,300 and 47,500.

Foreign institutional investors (FIIs) net sold shares worth Rs 1,410.05 crore, while domestic institutional investors (DIIs) bought Rs 1,823.68 crore worth of stocks on February 22, provisional data from the NSE showed.

INDIAVIX was Negative yesterday and is currently trading at 15.1975.

Yesterday, the market rebounded from the support zone of 21900-21850 and crossed the all-time high levels of 22249.40 and closed at 22217.45 levels. Bank nifty has a resistance near to 47400 levels and once Bank nifty crosses the mentioned resistance it can move towards the next resistance of 48000 levels.

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