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

The benchmark Sensex and Nifty indices are likely to open on a negative note on February 9, as trends in the GIFT Nifty indicate a weak start for the broader index, with a loss of 52.50 points.

The equity benchmarks concluded sharply lower on February 8 after the Reserve Bank of India maintained a status quo on key interest rates.

On the daily chart, the Index has formed a significant Bearish Engulf, indicating bearish pressure. On the lower side, Nifty is expected to find strong support around 21500-21400 levels, and dips towards these levels can be considered for initiating fresh long positions. From current levels, in the short term, the upside will be limited, and the range of 22000-22200 will continue to act as a stiff supply zone for the index.

Bank Nifty witnessed a sharp decline and closed significantly in the red. The consolidation of the last three trading sessions has been breached on the downside. The weakness is expected to persist, and the Bank Nifty is likely to drift towards 44430 – 44000 from a short-term perspective. On the upside, 45500 – 45600 shall act as an immediate hurdle.

Foreign institutional investors (FIIs) net sold shares worth Rs 4,933.78 crore, while domestic institutional investors (DIIs) purchased Rs 5,512.32 crore worth of stocks on February 8, provisional data from the NSE showed.

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