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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 on a flat note on May 9 as trends in the GIFT Nifty indicate a muted start for the broader index with a gain of 4 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 47,800, followed by 47,700 and 47,500. If the index advances, 49,300 would be the initial key resistance, followed by 48,500 and 48,600.

Foreign Institutional Investors have net sold Rs 6,669.10 crore worth of Indian shares while Domestic Institutional Investors bought Rs 5,928.81 crore shares as markets closed flat.

INDIAVIX was flat to positive yesterday by 0.43 percent and is currently trading at 17.0800.

We have witnessed strong selling by FII’s yesterday but Nifty closed flat. Traders holding long position should hold keep a strict stop loss of 22300 on closing basis. Today If Nifty closes below 22300 we can witness some more correction near 22100 levels. 

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