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Below the Quote on Pre-market comment by Mandar Bhojane, Research Analyst, Choice Broking

The Sensex and Nifty indices are expected to open flat on March 6, according to trends in the GIFT Nifty, indicating a muted start for the broader index with a loss of 18 points.

On March 5, the Indian equity benchmarks concluded a four-day winning streak, closing lower amidst mixed global cues and selling in IT and FMCG stocks in a highly volatile session. Despite this, the sentiment remains positive, with the index staying above the short-term moving average. The momentum indicator RSI is signaling a bullish crossover.

After testing robust support at 22,300, the index displayed a DOJI candlestick pattern, indicating indecision between bulls and bears. If the price breaches the 22,460 level, there is potential for further upward movement towards 22,600 and 22,700. Conversely, the immediate support for the Nifty is identified at 22,300.

In the Bank Nifty segment, bulls maintained control, staying above the crucial support level of 47,400. The immediate resistance for the index is at 48,000, and a successful breach of this level is anticipated to propel the index towards its all-time high. The overall outlook remains bullish, and any declines toward the mentioned support level are considered buying opportunities.

On March 5, foreign institutional investors (FIIs) net bought shares worth Rs 574.28 crore, while domestic institutional investors (DIIs) purchased Rs 1,834.61 crore worth of stocks, as per provisional data from the NSE.

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