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 are likely to open gap-down on March 15 as trends in the GIFT Nifty indicate a weak start for the broader index with a loss of 115 points.
Nifty can find support at 22,000 followed by 21,900 and 21,850. On the higher side, 22,200 can be an immediate resistance, followed by 22,250 and 22,300.
The charts of Bank Nifty indicate that it may get support at 46,500, followed by 46,300 and 46,200. If the index advances, 47,000 would be the initial key resistance, followed by 47,100 and 47,150.
Foreign institutional investors (FIIs) net sold shares worth Rs 1,356.29 crore, while domestic institutional investors (DIIs) purchased Rs 139.47 crore worth of stocks on March 14, provisional data from the NSE showed.
INDIAVIX was Negative by 5.61 percent and is currently trading at 13.6225.
Yesterday, we witnessed a strong bounce back in the markets on the day of the weekly expiry in NIFTY. Traders are advised to lighten their overnight positions as global markets are also becoming volatile. Investors can watch the lower levels for fresh investment for the long term. If Nifty closes below the strong support of 21850 levels today, we may witness further correction down to 21530 levels. Traders holding long positions in NIFTY should consider the support levels for their stop loss.
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