Pre-Market Comment by Hardik Matalia, Derivative Analyst, Choice Broking
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 10, following GIFT Nifty trends indicating a loss of 60 points for the broader index.
After a negative opening, Nifty can find support at 23,500 followed by 23,400 and 23,300. On the higher side, 23,700 can be an immediate resistance, followed by 23,800 and 24,000.
The charts of Bank Nifty indicate that it may get support at 50,000 followed by 49,700 and 49,500. 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) sold equities worth Rs 470 crore on February 7, while domestic institutional investors (DIIs) purchased equities worth Rs 454 crore.
INDIAVIX was negative on Friday down by 3.46% and is currently trading at 13.6850.
On Friday, the Indian markets experienced initial selling pressure, but buying at lower levels helped the Nifty index close at 23,550. High volatility was evident in the market. Global markets also traded negatively, and concerns persist as Foreign Institutional Investors (FIIs) remained net sellers. On the downside, 23,500 serves as immediate support, followed by a stronger base at 23,300. On the upside, resistance is seen at 23,700, with a significant hurdle near 23,800. A decisive close above these levels could drive the market higher. Traders should remain cautious due to expected high volatility. However, buying on dips can be considered as long as the Nifty index holds above 23,200. Monitoring key levels and maintaining a disciplined approach will be crucial in navigating market movements in the coming sessions.
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