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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 Feb 24, following GIFT Nifty trends indicating a loss of 112 points for the broader index.

After a negative opening, Nifty can find support at 22,700 followed by 22,600 and 22,500. On the higher side, 22,900 can be an immediate resistance, followed by 23,000 and 23,100.

The charts of Bank Nifty indicate that it may get support at 48,500 followed by 48,200 and 47,900. If the index advances further, 49,200 would be the initial key resistance, followed by 49,500 and 49,700.

The Foreign institutional investors (FIIs) remained net sellers for the third consecutive session on February 21 as they sold equities worth Rs 3449 crore. However, domestic institutional investors (DIIs) remained net buyers on 13th day as they bought equities worth Rs 2884 crore.

INDIAVIX was negative on Friday down by 1.04% and is currently trading at 14.5300.

On Friday, the Indian markets traded sideways throughout the day. After initial selling pressure at the start of the session, the indices ended slightly below the 22,800 mark. Global markets remained negative, and concerns persist as Foreign Institutional Investors (FIIs) continued to be net sellers. On the downside, 22,700 serves as an immediate support level, with a breach below this mark potentially triggering extended selling toward the 22,500 level. On the upside, immediate resistance is seen at 22,900, followed by a critical hurdle near 23,100. 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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