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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 flat note on Mar 21, following GIFT Nifty trends indicating a loss of 5 points for the broader index.

After a flat opening, Nifty can find support at 23,100 followed by 23,000 and 22,900. On the higher side, 23,250 can be an immediate resistance, followed by 23,350 and 23,400.

The charts of Bank Nifty indicate that it may get support at 49,900 followed by 49,600 and 49,400. If the index advances further, 50,300 would be the initial key resistance, followed by 50,500 and 50,800.

The Foreign institutional investors (FIIs) bought equities worth Rs 3239 crore on March 20. On the other hand, after remaining net sellers for the last 29 sessions, Domestic institutional investors (DIIs) sold equities of Rs 3136 crore, on the same day.

INDIAVIX was negative Yesterday down by 5.23% and is currently trading at 12.6025.

Yesterday, the Indian markets witnessed a strong rally, driven by sustained buying interest from the start of the session. The Nifty index displayed strong momentum, closing near the 23,200 mark, signaling firm market support at higher levels. Global markets traded with mixed sentiment, but Foreign Institutional Investors (FIIs) turned net buyers, adding further confidence to the rally. On the downside, 23,000 serves as immediate support, and holding above this level would reinforce the ongoing bullish sentiment. A breakout above 23,300 could open the door for further gains toward the critical hurdle at 23,500. A sustained close above these levels would confirm a stronger bullish trend, potentially leading to higher levels. Given the prevailing momentum, traders should maintain a disciplined approach with proper risk management while capitalizing on opportunities in the strengthening market.

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