Pre-market comment by Deven Mehata, Choice Broking Ltd
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Below the Quote on Pre-market comment by Deven Mehata Research Analyst Choice Broking
The benchmark Sensex and Nifty indices are likely to open flat-to-positive on March 4 as trends in the GIFT Nifty indicate a muted start for the broader index with a gain of 6 points.
Nifty can find support at 22,300 followed by 22,200 and 22,150. 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 47,000, followed by 46,900 and 46,700. If the index advances, 47,500 would be the initial key resistance, followed by 47,700 and 47,850.
Foreign institutional investors (FIIs) net sold shares worth Rs 81.87 crore, while domestic institutional investors (DIIs) sold Rs 44.71 crore worth of stocks on March 2, provisional data from the NSE showed.
INDIAVIX was Negative on Saturday by 1.59 percent and is currently trading at 14.9925.
Saturday’s session was with low volumes and Nifty traded in a range after a gap up opening. Nifty is trading at all-time high levels hence traders are advised to hold their long positions with a stop loss of 22250 on closing basis. Traders are advised to buy on dips with the above mentioned stop loss.
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