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Pre-market comment by Deven Mehata, Equity Research Analyst Choice Broking Ltd

The market is likely to see a Negative opening as the GIFT Nifty indicates a negative start with -40 points for the broader index.

The charts indicate that the Nifty may get support at 19,500, followed by 19,450 and 19,400. If the index advances, 19,575 would be the initial key resistance level to watch out for, followed by 19,650 and 19,700.

The charts indicate that the Bank Nifty may get support at 43,550, followed by 43,500 and 43,400. If the index advances, 43,800 would be the initial key resistance level to watch out for, followed by 43,950 and 44,100.

Foreign institutional investors (FII) bought shares worth Rs 456.21 crore, while domestic institutional investors (DII) purchased Rs 8.53 crore worth of stocks on October 20, provisional data from the National Stock Exchange (NSE) showed.

Global markets closed negative on Friday and hence Indian index may open on the lower side. Nifty is currently trading near to the strong support of 19450 and Bank nifty near the strong support of 43500. Traders can enter a long position with a strict stop loss of 19450 on nifty. If Nifty closes below the mentioned support levels we can witness some more selling pressure. If Nifty bounces it can reach towards the resistance of 19700 levels.

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