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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 higher on March 7 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 55.50 points.

Nifty can find support at 22,400 followed by 22,350 and 22,300. On the higher side, 22,500 can be an immediate resistance, followed by 22,600 and 22,650.

The charts of Bank Nifty indicate that it may get support at 47,700, 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 2,766.75 crore, while domestic institutional investors (DIIs) purchased Rs 2,149.88 crore worth of stocks on March 6, provisional data from the NSE showed.

INDIAVIX was flat to negative yesterday by 0.59 percent and is currently trading at 14.2950. 

Yesterday Nifty bounced from the strong support of 22220 levels and has closed above the all-time high levels. The traders are advised to hold long positions with a stop loss of 22300 on closing basis. Bank nifty has also shown strength yesterday on the weekly expiry near and closed the session near 48000. Traders holding bank nifty and banking stocks can hold with a trailing stop loss of 47700 on closing basis. 

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