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 positive on Feb 07, following GIFT Nifty trends indicating a gains of 25 points for the broader index.
After a positive opening, Nifty can find support at 23,550 followed by 23,500 and 23,400. 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 50,200 followed by 50,000 and 49,700. If the index advances further, 50,500 would be the initial key resistance, followed by 50,700 and 51,000.
The Foreign institutional investors (FIIs) sold equities worth Rs 3,549.95 crore, while domestic institutional investors (DIIs) bought equities worth Rs 2,721.66 crore.
INDIAVIX was positive Yesterday up by 0.66% and is currently trading at 14.1750.
Yesterday, the Indian markets saw initial selling pressure, but buying at lower levels helped the Nifty index close at the 23,600 mark. Volatility is expected to remain high ahead of the RBI monetary policy announcement. Global markets traded positively, yet concerns persist as Foreign Institutional Investors (FIIs) continued to be net sellers. On the downside, 23,500 acts 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 stay 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 the market's movements in the coming sessions.
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