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

The benchmark Sensex and Nifty indices are likely to open on a positive note on April 4 as trends in the GIFT Nifty indicate a higher start for the broader index with a gain of 71 points.

Nifty can find support at 22,350 followed by 22,300 and 22,250. On the higher side, 22,500 can be an immediate resistance, followed by 22,550 and 22,700.

The charts of Bank Nifty indicate that it may get support at 47,500, followed by 47,300 and 47,200. If the index advances, 47,800 would be the initial key resistance, followed by 48,000 and 48,200.

Foreign institutional investors (FIIs) net sold shares worth Rs 2,213.56 crore, while domestic institutional investors (DIIs) purchased Rs 1,102.41 crore worth of stocks on April 3, provisional data from the NSE showed.

INDIAVIX was Negative by 2.40 percent and is currently trading at 11.3725.

Yesterday Indian markets recovered from the lower levels despite the FIIs selling pressure. Today after a gap up opening if Nifty sustains above the resistance of 22550 we can witness sharp move towards 22700 backed by FIIs short covering. Traders holding long positions should hold with a strict stop loss of 22300 on a closing basis.

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