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Below the Quote on Pre-market comment by Deven Mehata, Research Analyst, Choice Broking

Morning Outlook for 12th Feb 2024

The benchmark Sensex and Nifty indices are likely to open on a strong note on February 12 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 108 points.

Nifty can find support at 21,700 followed by 21,650 and 21,600. On the higher side, 21,950 can be an immediate resistance, followed by 22,000 and 22,050.

The charts of Bank Nifty indicate that it may get support at 45,500, followed by 45,300 and 45,000. If the index advances, 45,850 would be the initial key resistance, followed by 46,000 and 46,150.

Foreign institutional investors (FIIs) net bought shares worth Rs 141.95 crore, while domestic institutional investors (DIIs) sold Rs 421.87 crore worth of stocks on February 9, provisional data from the NSE showed.

INDIAVIX was flat to negative on Friday and currently trading at 15.4475.

In Friday’s session, we saw an incredible rebound from firm support levels. The Nifty closed above 21700, while the Bank Nifty closed above 45500 levels. Short-term traders can maintain their long positions and purchase on dips with a strict stop loss of 21700 on closing basis. On the higher side, traders should book gains at the 22000-22100 barrier levels.

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