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

Morning Outlook for 21st Feb 2024

The benchmark Sensex and Nifty indices are likely to open on a flat note in February as trends in the GIFT Nifty indicate a muted start for the broader index with a gain of 15 points.

Nifty can find support at 22,100 followed by 22,050 and 21,950. On the higher side, 22,250 can be an immediate resistance, followed by 22,300 and 22,400.

The charts of Bank Nifty indicate that it may get support at 46,900, followed by 46,700 and 46,600. If the index advances, 47,250 would be the initial key resistance, followed by 47,500 and 47,600.

Foreign institutional investors (FIIs) net sold shares worth Rs 1,335.51 crore, while domestic institutional investors (DIIs) purchased Rs 1,491.33 crore worth of stocks on February 20, provisional data from the NSE showed.

INDIAVIX was flat yesterday and is currently trading at 16.0725.

Yesterday, Nifty closed at all-time highs, with Bank Nifty driving the rise. We predict some short covering in the Bank Nifty index today, which is the day of its weekly expiry. Traders are recommended to purchase on dips with a strict stop loss of 47000 on a closing basis for the Bank Nifty. Traders holding long position in Nifty should keep trailing stop loss as the index is trading at all-time high levels.

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