IGI Logo

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

The benchmark Sensex and Nifty indices are likely to open higher on March 20 as trends in the GIFT Nifty indicate a firm start for the broader index with a gain of 62 points.

After a gap up opening nifty can find support at 21,800 followed by 21,750 and 21,700. On the higher side, 21,900 can be an immediate resistance, followed by 21,950 and 22,000.

The charts of Bank Nifty indicate that it may get support at 46,300, followed by 46,100 and 46,000. If the index advances, 46,600 would be the initial key resistance, followed by 46,750 and 46,900.

Foreign institutional investors (FIIs) net bought shares worth Rs 1,421.48 crore, while domestic institutional investors (DIIs) purchased Rs 7,449.48 crore worth of stocks on March 19, provisional data from the NSE showed.

INDIAVIX was positive by 1.57 percent and is currently trading at 14.1125.

Yesterday with a TCS block deal Nifty closed lower but managed to close above the strong support of 21800 levels. On the higher side 21950-22000 range will be a strong resistance for Nifty. Once index sustains above the mentioned resistance we can witness new all-time high levels on Nifty. Traders are advised to keep booking profits near resistance of 22000.

Above views are of the author and not of the website kindly read disclaimer