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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 Mar 06, following GIFT Nifty trends indicating a gains of 45 points for the broader index.

After a positive opening, Nifty can find support at 22,200 followed by 22,100 and 22,000. On the higher side, 22,450 can be an immediate resistance, followed by 22,550 and 22,700.

The charts of Bank Nifty indicate that it may get support at 48,300 followed by 48,200 and 47,800. If the index advances further, 48,700 would be the initial key resistance, followed by 49,000 and 49,300.

The Foreign institutional investors (FIIs) extended their selling on tenth day on March 5 as they sold equities worth Rs 2895 crore. However, domestic institutional investors (DIIs) also extended their buying on 20th day as they bought equities worth Rs 3370 crore, on the same day.

INDIAVIX was negative Yesterday down by 1.16% and is currently trading at 13.6700.

Yesterday, the Indian markets witnessed a strong upmove. After a flat opening, strong buying emerged, pushing the index higher and closing near the day’s high, above the 22,300 mark. Global markets also traded positively, though concerns remained as Foreign Institutional Investors (FIIs) continued to be net sellers. On the downside, 22,200 serves as an immediate support level, with a breach below this mark potentially triggering extended selling toward the 22,000–21,800 range. On the upside, immediate resistance is at 22,400, followed by a critical hurdle near 22,550. 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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