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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 flat note on March 5 as trends in the GIFT Nifty indicate a sideways start for the broader index with a loss of 10 points.

Nifty can find support at 22,300 followed by 22,250 and 22,200. On the higher side, 22,450 can be an immediate resistance, followed by 22,500 and 22,550.

The charts of Bank Nifty indicate that it may get support at 47,200, followed by 47,000 and 46,900. If the index advances, 47,600 would be the initial key resistance, followed by 47,700 and 47,850.

Foreign institutional investors (FIIs) net sold shares worth Rs 564.06 crore, while domestic institutional investors (DIIs) bought Rs 3,542.87 crore worth of stocks on March 4, provisional data from the NSE showed.

INDIAVIX was flat to negative yesterday by 0.47 percent and is currently trading at 14.9225.

The recent trading session in Nifty exhibited a range-bound pattern, leading to the formation of a Doji candlestick on daily charts. In response to this market behaviour, it is advised for traders to uphold existing long positions, implementing a judicious trailing stop loss at 22250. A tactful approach involves strategically accumulating positions during market corrections, while profit realization is recommended in proximity to resistance levels approximately at 22500. These recommendations align with a meticulous risk management strategy and capitalize on favourable market dynamics, ensuring a prudent and informed market engagement.

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