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Below the Quote on Pre-Market Comment by Hardik Matalia, Derivative Analyst, Choice Broking

The benchmark Sensex and Nifty indices are expected to open negative on Feb 21, following GIFT Nifty trends indicating a loss of 89 points for the broader index.

After a negative opening, Nifty can find support at 22,800 followed by 22,700 and 22,500. On the higher side, 23,000 can be an immediate resistance, followed by 23,100 and 23,200.

The charts of Bank Nifty indicate that it may get support at 49,000 followed by 48,800 and 48,500. If the index advances further, 49,500 would be the initial key resistance, followed by 49,700 and 50,000.

The Foreign institutional investors (FIIs) sold equities worth Rs 3,312 crore on February 20, while domestic institutional investors (DIIs) bought equities worth Rs 3,908 crore.

INDIAVIX was negative Yesterday down by 4.78% and is currently trading at 14.6825.

Yesterday, the Indian markets traded sideways throughout the day. After a gap-down opening, some buying was observed, but the index remained range-bound, closing near 22,900. Global markets traded negatively, and concerns persist as Foreign Institutional Investors (FIIs) continued to be net sellers. On the downside, 22,800 serves as a crucial support level, with a breach below this mark potentially triggering extended selling toward the 22,700–22,500 range. On the upside, immediate resistance is seen at 23,000, followed by a critical hurdle near 23,200. A sustained close above these resistance levels is essential to negate the prevailing bearish sentiment and confirm a bullish reversal. Given the ongoing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying overnight positions.

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