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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 Mar 07, following GIFT Nifty trends indicating a loss of 40 points for the broader index.

After a negative opening, Nifty can find support at 22,500 followed by 22,400 and 22,300. On the higher side, 22,600 can be an immediate resistance, followed by 22,700 and 22,800.

The charts of Bank Nifty indicate that it may get support at 48,400 followed by 48,200 and 47,900. If the index advances further, 48,800 would be the initial key resistance, followed by 49,000 and 49,300.

The Foreign institutional investors (FIIs) extended their selling on March 6 as they sold equities worth Rs 2377 crore. However, domestic institutional investors (DIIs) bought equities worth Rs 1617 crore, on the same day.

INDIAVIX was positive Yesterday down by 0.40% and is currently trading at 13.7250.

Yesterday, the Indian markets experienced high volatility. After a gap-up opening, both buying and selling pressures were observed. However, buyers ultimately held their positions, keeping the index higher and closing at the day's high, near the 22,550 mark. Global markets traded on a negative note, with concerns persisting as Foreign Institutional Investors (FIIs) remained net sellers. On the downside, 22,450 serves as an immediate support level, and a breach below this mark could trigger extended selling toward the 22,300–22,000 range. On the upside, immediate resistance is seen at 22,600, followed by a critical hurdle near 22,800. A sustained close above these resistance levels is necessary to 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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