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

The benchmark Sensex and Nifty indices are likely to open on a positive note on April 1st, as trends in the GIFT Nifty indicate a higher start for the broader index with a gain of 63.50 points.

On the daily chart, Nifty has reversed from a support level and sustained above the 22,300 level. If Nifty crosses the 22,500 level, it may further rise to its next resistance up to 22,800, nearing its all-time high level. The RSI stands near the 57.64 level, indicating growing movement. On the flip side, 22,200-22,000 acts as an immediate support level.

The Bank Nifty index exhibited strength by surpassing the 20-day moving average hurdle set at 47,000, backed by significant volumes. However, it faced resistance around the 47,700 mark. A decisive breach above this resistance could propel the index towards the 48,000 level. Conversely, the immediate support is situated at the 46,800-46,500 zone. A conclusive drop below this support level, especially on a closing basis, might indicate a false breakout scenario.

Foreign institutional investors (FIIs) net bought shares worth Rs. 188.31 crore, while domestic institutional investors (DIIs) purchased Rs. 2,691.52 crore worth of stocks on March 28th, provisional data from the NSE showed.

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