28-03-2024 09:39 AM | Source: Choice Broking
Pre-market comment by Mandar Bhojane , Choice Broking

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The benchmark Sensex and Nifty indices are poised to open higher on March 28, with indications from the GIFT Nifty suggesting a positive start for the broader index, with a gain of 14 points.

Nifty has formed an inverted head and shoulders chart pattern, signaling a bullish reversal. Sustaining above the 22,200 level may lead to further gains towards 22,400 and 22,500 levels in the coming days. Conversely, the 22,000 level is anticipated to provide strong support, bolstered by the alignment of the 20, 50, 100, and 200 EMAs.

Bank Nifty has been consolidating within the range of 46,500 – 47,000 over the past four trading sessions. A breakout from this range could initiate trending moves in the corresponding direction. An upside breach is anticipated, with expected levels of 47,270 – 47,400 from a short-term perspective. Therefore, one may consider adopting a long position with a stop loss set at 46,500.

Provisional data from the NSE indicates that Foreign Institutional Investors (FIIs) net bought shares worth Rs 2,170.32 crore, while Domestic Institutional Investors (DIIs) purchased stocks worth Rs 1,197.61 crore on March 27.

In summary, the market outlook for March 28, 2024, suggests a positive opening with Nifty indicating a bullish reversal and Bank Nifty consolidating within a range. FIIs continue to show strong interest with net buying, indicating positive sentiment.


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