Pre-market comment by Deven Mehata, Choice Broking Ltd
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Below the Quote on Pre-market comment Deven Mehata, Research Analyst, Choice Broking
The benchmark Sensex and Nifty are likely to open gap-down on February 14 as trends in the GIFT Nifty indicate a weak start for the broader index with a loss of 185 points.
After a gap down opening, Nifty can find support at 21,550 followed by 21,500 and 21,400. On the higher side, 21,750 can be an immediate resistance, followed by 21,800 and 21,900.
The charts of Bank Nifty indicate that it may get support at 45,000, followed by 44,800 and 44,600. If the index advances, 45,500 would be the initial key resistance, followed by 45,600 and 45,750.
Foreign institutional investors (FIIs) net bought shares worth Rs 376.32 crore, while domestic institutional investors (DIIs) purchased Rs 273.94 crore worth of stocks on February 13, provisional data from the NSE showed.
INDIAVIX was Negative yesterday and is currently trading at 15.8075.
Yesterday, Indian markets rallied from support levels and closed quite close to resistance levels, particularly on the Bank Nifty near 45600. Yesterday, global markets saw a profit booking following CPI data that was higher than anticipated. Traders in such situations can trade on both sides while maintaining a rigorous stop loss. Even now, traders can buy at support levels and sell around resistance levels using a suitable stop loss.
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