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 higher on March 1 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 50 points.
Nifty can find support at 21,900 followed by 21,850 and 21,800. On the higher side, 22,100 can be an immediate resistance, followed by 21,150 and 22,200.
The charts of Bank Nifty indicate that it may get support at 46,000, followed by 45,900 and 45,800. If the index advances, 46,300 would be the initial key resistance, followed by 46,500 and 46,650.
Foreign institutional investors (FIIs) net bought shares worth Rs 3,568.11 crore, while domestic institutional investors (DIIs) sold Rs 230.21 crore worth of stocks on February 29, provisional data from the NSE showed.
INDIAVIX was Negative yesterday by 4.64 percent and is currently trading at 15.5725.
India's gross domestic product (GDP) grew 8.4 percent in the December quarter, data released by the Ministry of Statistics and Programme Implementation on February 29 showed, blowing all expectations. This GDP growth will help markets to move higher. The FII’s fund inflow can be witnessed based on the GDP numbers. Investor should keep holding long positions for long term. Traders are advised to purchase on dips with a strict stop loss of 21800 on closing basis.
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