Pre-market comment by Mandar Bhojane , Choice Broking
![](https://portfolio.investmentguruindia.com/uploads/news/Broker _14.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below the Quote on Pre-market comment by Mandar Bhojane, Research Analyst, Choice Broking
The benchmark Sensex and Nifty indices are poised to open higher, with GIFT Nifty trends indicating a potential gain of 26 points for the broader index. Despite a flat performance on February 7, where both Sensex and Nifty struggled to maintain the 22,000 mark, market sentiment remains cautious ahead of the Reserve Bank of India's monetary policy announcement on the same day.
The domestic market showed a range-bound movement amid robust PMI data and positive global cues. Investors are closely watching the RBI's policy decision, with a focus on any indications of potential rate cuts and improvements in liquidity, although no change in stance is anticipated.
Observing the daily charts, it is evident that the Nifty has been trading within a narrow range for the past couple of weeks, signaling price stability. If the price breaks the 22130 level (All time high), there is potential for an upward movement towards the range of 22400-22500 in the coming days. Key support levels are identified at 21800-21750, while an immediate hurdle zone is situated at 22200-22400.
As the Bank Nifty index experiences a battle between bulls and bears, a decisive move is expected soon. The lower-end support is identified in the 45600-45500 zone, and a conclusive break below this could trigger a sharp correction. Conversely, a break above the higher-end resistance at 46200 may lead to significant short-covering moves, pushing the index towards the 46500 level.
On February 7, foreign institutional investors (FIIs) net sold shares worth Rs 1,691.02 crore, while domestic institutional investors (DIIs) purchased Rs 327.73 crore worth of stocks, according to provisional data from the NSE.
Above views are of the author and not of the website kindly read disclaimer
![](https://portfolio.investmentguruindia.com/uploads/news/insurance 123.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Axis Securities Ltd.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Wipro.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/2b1715f7e03b51b0ac9c014eb224fc1f.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/gdp22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Geojit Financial Services.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Dollar retures 2.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/health22.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Arvind Kapil, MD and CEO, Poonawalla Fincorp.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/stock8.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/uploads/news/stock8.jpg)
Sensex ends lower ahead of Union Budget 2024-25
![Daily Market Analysis : The markets began the week on a subdued note and ended nearly unchanged, reflecting caution ahead of the Union Budget Says Mr. Ajit Mishra, Religare Broking Ltd](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![Post Market Comment by Mandar Bhojane, Research Analyst, Choice Broking](https://portfolio.investmentguruindia.com/uploads/news/Broker _26.jpg)
![Mid-Market Comment by Mr Shrey Jain, Founder and CEO SAS Online - India's Deep Discount Broker](https://portfolio.investmentguruindia.com/uploads/news/Shrey Jain.jpg)
More News
![](https://portfolio.investmentguruindia.com/uploads/news/2a7d9f3411e6024653e24bee2f702754.jpg)
Daily Market Analysis : Markets staged a recovery on the weekly expiry day and gained over h...
![Daily Market Analysis :Markets traded quietly after Thursday`s surge and ended nearly unchanged Says Mr. Ajit Mishra, Religare Broking Ltd](https://portfolio.investmentguruindia.com/uploads/news/Ajit Mishra.jpg)
![Quote on Market Morning Inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities](https://portfolio.investmentguruindia.com/uploads/news/Shrikant Chouhan.jpg)
![Morning Nifty and Derivative comments 30 October 2023 By Anand James, Geojit Financial Services](https://portfolio.investmentguruindia.com//uploads/news/Broker_83.jpg)