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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 positive on Feb 06, following GIFT Nifty trends indicating a gains of 50 points for the broader index.

After a positive opening, Nifty can find support at 23,600 followed by 23,500 and 23,400. On the higher side, 23,800 can be an immediate resistance, followed by 23,900 and 24,000.

The charts of Bank Nifty indicate that it may get support at 50,000 followed by 49,700 and 49,400. If the index advances further, 50,500 would be the initial key resistance, followed by 50,700 and 51,000.

The Foreign institutional investors (FIIs) turned net sellers on February 5, as they sold equities worth Rs 1,682.83 crore, while domestic institutional investors (DIIs) purchased equities worth Rs 996.28 crore.

INDIAVIX was positive Yesterday up by 0.46% and is currently trading at 14.0825.

Yesterday, the Indian markets traded sideways throughout the day after a gap-up opening. However, selling pressure during the closing dragged the Nifty index lower, ending slightly below the 23,700 mark. Meanwhile, global markets traded positively, but Foreign Institutional Investors (FIIs) turned net sellers again after buying in the previous session, raising concerns in the market. On the downside, 23,600 serves as immediate support, followed by 23,500. On the upside, immediate resistance is at 23,800, with a strong hurdle near 24,000. A sustained close above these resistance levels could drive the markets higher. Traders should remain cautious as high volatility is expected. However, buying on dips can be considered as long as the Nifty index holds above 23,300.

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