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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 05, following GIFT Nifty trends indicating a loss of 65 points for the broader index.

After a negative opening, Nifty can find support at 22,000 followed by 21,900 and 21,800. On the higher side, 22,200 can be an immediate resistance, followed by 22,300 and 22,400.

The charts of Bank Nifty indicate that it may get support at 48,000 followed by 47,800 and 47,500. If the index advances further, 48,500 would be the initial key resistance, followed by 48,800 and 49,200.

The Foreign institutional investors (FIIs) extended their selling on March 4 as they sold equities worth Rs 3405 crore. However, domestic institutional investors (DIIs) also extended their buying as they bought equities worth Rs 4851 crore, on the same day.

INDIAVIX was positive Yesterday up by 0.49% and is currently trading at 13.8300.

Yesterday, the Indian markets traded sideways throughout the day. After a negative opening, some buying was observed, but the index remained range-bound, closing below the 22,100 mark. Global markets also traded negatively, while concerns persisted as Foreign Institutional Investors (FIIs) continued to be net sellers. On the downside, 22,000 serves as a crucial support level, with a breach below this mark potentially triggering extended selling toward the 21,800–21,600 range. On the upside, immediate resistance is seen at 22,200, followed by a critical hurdle near 22,500. 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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