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

Morning Outlook for 29th Feb 2024

The benchmark Sensex and Nifty indices are likely to open flat to positive on February 29 as trends in the GIFT Nifty indicate a higher start for the broader index with a gain of 25 points.

Nifty can find support at 21,900 followed by 21,850 and 21,800. On the higher side, 22,100 can be an immediate resistance, followed by 21,150 and 22,200.

The charts of Bank Nifty indicate that it may get support at 45,800, followed by 45,650 and 45,500. If the index advances, 46,200 would be the initial key resistance, followed by 46,400 and 46,500.

Foreign institutional investors (FIIs) net sold shares worth Rs 1,879.23 crore, while domestic institutional investors (DIIs) bought Rs 1,827.45 crore worth of stocks on February 28, provisional data from the NSE showed.

INDIAVIX was positive yesterday by 3.83 percent and is currently trading at 16.3300.

In yesterday's session, a notable sell-off occurred at higher levels, and Nifty failed to sustain a close above the crucial 22000 mark. Analysis of the data reveals that Foreign Institutional Investors (FIIs) engaged in selling activities in the cash market. In the event of a further correction, it presents an opportunity for discerning investors to consider strategic entries.

Traders are strongly advised to exercise caution, employing stringent stop-loss mechanisms in their trades. Additionally, prudent profit booking strategies are recommended, particularly in proximity to the identified resistance levels.

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