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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 04, following GIFT Nifty trends indicating a loss of 97 points for the broader index.

After a positive opening, Nifty can find support at 23,300 followed by 23,200 and 23,000. On the higher side, 23,500 can be an immediate resistance, followed by 23,600 and 23,700.

The charts of Bank Nifty indicate that it may get support at 49,000 followed by 48,700 and 48,500. If the index advances further, 49,500 would be the initial key resistance, followed by 49,700 and 50,000.

On February 3, the Foreign institutional investors (FIIs) remained net sellers for the 23rd session, as they offloaded equities worth Rs 3958 crore, while domestic institutional investors (DIIs) bought equities worth Rs 2708 crore on the same day.

INDIAVIX was positive Yesterday up by 1.83% and is currently trading at 14.3525.

Yesterday, the Indian markets experienced a sideways movement throughout the day, followed by a gap-down opening. However, some buying emerged from lower levels, helping the Nifty index close above the 23,350 mark. Meanwhile, global markets traded with mixed sentiment, and Foreign Institutional Investors (FIIs) remained net sellers, raising concerns about the sustainability of the ongoing rally. On the downside, 23,200 serves as an immediate support level, followed by 23,000. On the upside, immediate resistance is at 23,500, with a critical hurdle near 23,700. A sustained close above these resistance levels could push the markets beyond the 24,000 mark. Traders should remain cautious as high volatility is expected. However, buying on dips can be considered as long as the Nifty index holds above 23,200.

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