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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 positive on Feb 05, following GIFT Nifty trends indicating a gain of 60 points for the broader index.

After a positive opening, Nifty can find support at 23,600 followed by 23,500 and 23,400. On the higher side, 23,800 can be an immediate resistance, followed by 23,900 and 24,000.

The charts of Bank Nifty indicate that it may get support at 50,000 followed by 49,700 and 49,400. If the index advances further, 50,400 would be the initial key resistance, followed by 50,700 and 51,000.

After remaining net sellers for the 23 sessions, the Foreign institutional investors (FIIs) turned net buyers on February 4, as they bought equities worth Rs 809 crore. On the contrary, 35 domestic institutional investors (DIIs) turned net sellers after remaining net buyers for the last 35 sessions, as they sold equities worth Rs 430 crore.

INDIAVIX was negative Yesterday down by 2.33% and is currently trading at 14.0175.

Yesterday, the Indian markets experienced a strong upward movement throughout the day, followed by a gap-up opening. Strong buying interest helped the Nifty index close above the 23,700 mark. Additionally, global markets traded positively, and Foreign Institutional Investors (FIIs) turned net buyers after 23 consecutive sessions of selling, indicating renewed confidence in the market. On the downside, 23,600 serves as an immediate support level, followed by 23,500. On the upside, immediate resistance is at 23,800, with a strong hurdle near 24,000. A sustained close above these resistance levels could drive the markets higher. Traders should remain cautious as high volatility is expected. However, buying on dips can be considered as long as the Nifty index holds above 23,300.

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