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

The benchmark Sensex and Nifty indices are expected to open on a positive on Mar 20, following GIFT Nifty trends indicating a gain of 106 points for the broader index.

After a positive opening, Nifty can find support at 22,850 followed by 22,750 and 22,700. 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 49,400 followed by 49,000 and 48,700. If the index advances further, 50,000 would be the initial key resistance, followed by 50,300 and 50,500.

The Foreign institutional investors (FIIs) sold equities worth Rs 1096 crore on March 19, while Domestic institutional investors (DIIs) purchased equities of Rs 2140 crore, on the same day.

INDIAVIX was positive Yesterday up by 0.66% and is currently trading at 13.2975.

Yesterday, the Indian markets traded sideways throughout the day, driven by strong buying interest from the start of the session. The Nifty index exhibited a strong directional movement, closing above the 22,900 mark, indicating the presence of buyers and sustained market support at higher levels. Global markets traded on a positive note, while Foreign Institutional Investors (FIIs) once again turned net sellers, raising concerns for the Indian market. On the downside, 22,800 serves as immediate support, and a breach below this level could drag the index toward the 22,500 mark. On the upside, 23,000 is expected to act as immediate resistance, with a critical hurdle near 23,200. A sustained close above these levels would be essential 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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