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 Mar 10, following GIFT Nifty trends indicating a loss of 72 points for the broader index.
After a negative opening, Nifty can find support at 22,450 followed by 22,350 and 22,300. On the higher side, 22,600 can be an immediate resistance, followed by 22,700 and 22,800.
The charts of Bank Nifty indicate that it may get support at 48,300 followed by 48,100 and 47,800. If the index advances further, 48,700 would be the initial key resistance, followed by 48,900 and 49,200.
The Foreign institutional investors (FIIs) extended their selling on March 7 as they sold equities worth Rs 2,035.10 crore. However, domestic institutional investors (DIIs) bought equities worth Rs 2,320.36 crore, on the same day.
INDIAVIX was negative on Friday down by 1.86% and is currently trading at 13.4700.
On Friday, the Indian markets traded sideways throughout the day. After a slight gap-up opening, the market consolidated within a range. However, buyers ultimately held their positions, keeping the index flat to positive and closing slightly above the 22,550 mark. Global markets exhibited mixed sentiment, with concerns persisting as Foreign Institutional Investors (FIIs) remained net sellers. On the downside, 22,450 serves as an immediate support level, and a breach below this mark could trigger extended selling toward the 22,300–22,000 range. On the upside, immediate resistance is seen at 22,600, followed by a critical hurdle near 22,800. A sustained close above these resistance levels is necessary to 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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