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Below the Quote on Pre-market comment by Deven Mehata, Choice Broking Ltd

Morning Outlook for 19th Feb 2024

The benchmark Sensex and Nifty indices are likely to open higher on February 19 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 52.50 points.

After a gap up opening, Nifty can find support at 22,000 followed by 21,950 and 21,900. On the higher side, 22,150 can be an immediate resistance, followed by 22,250 and 22,300.

The charts of Bank Nifty indicate that it may get support at 46,000, followed by 45,900 and 45,700. If the index advances, 46,650 would be the initial key resistance, followed by 46,700 and 46,900.

Foreign institutional investors (FIIs) net bought shares worth Rs 253.28 crore, while domestic institutional investors (DIIs) purchased Rs 1,571 crore worth of stocks on February 16, provisional data from the NSE showed.

INDIAVIX was flat on Friday and is currently trading at 15.2225.

With the support of FII’s buying, we can expect Nifty to cross its all-time high levels. If Nifty closes above 22125 we can expect market to move higher towards 22400-22500 levels. Traders are advised to hold their long position with a trailing stop loss for the above given targets. On the lower side Nifty has a strong support at 21900 levels.

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