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 on a positive note on March 12 as trends in the GIFT Nifty indicate a firm start for the broader index with a gain of 26.50 points.
Nifty can find support at 22,250 followed by 22,200 and 22,100. On the higher side, 22,400 can be an immediate resistance, followed by 22,450 and 22,500.
The charts of Bank Nifty indicate that it may get support at 47,100, followed by 47,000 and 46,900. If the index advances, 47,500 would be the initial key resistance, followed by 47,700 and 47,800.
Foreign institutional investors (FIIs) net bought shares worth Rs 4,212.76 crore, while domestic institutional investors (DIIs) purchased Rs 3,238.39 crore worth of stocks on March 11, provisional data from the NSE showed.
INDIAVIX was positive by 2.81 percent and is currently trading at 13.9950.
Yesterday witnessed a sharp market decline, with Nifty closing near its daily low after a sudden sell-off from higher levels. Traders are strongly advised to exercise caution and trade with a strict adherence to stop-loss levels. In the event of Nifty experiencing a further decline towards the robust support zone of 22000, investors may consider this as an opportune moment for fresh medium to long-term investments.
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