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Below the Quote on Pre-Market Comment by Aakash Shah, Equity research analyst, Choice Broking  

Indian equity markets are expected to open on a flat to positive note today, as indicated by GIFT Nifty, which was trading around 23,473 in early trades, reflecting a modest gain of 14 points. This suggests a cautious market sentiment, influenced by global cues and the absence of strong domestic triggers. Investors will closely monitor global market trends, crude oil prices, and institutional flows for further direction.
On the daily chart, Nifty has formed a bearish candlestick, signalling negative sentiment. The index faces key resistance at 23,460, and a breakout above this level could drive further gains towards 23,550 and 23,700. On the downside, immediate support is placed at 23,260, a crucial level for monthly trends. A breakdown below this mark could push the index lower towards 23,000, reinforcing a cautious outlook as Nifty struggles to maintain support at critical levels.

Bank Nifty witnessed a recovery of 280 points after an initial decline of nearly 440 points. However, further confirmation is required to determine its next move. A sustained move below the critical level of 49,800 could test immediate support at 49,650 and 49,380, while a reversal from these levels may offer potential buying opportunities. On the upside, resistance is observed at 50,200, and a close above this level could trigger a rally towards 50,500.

Institutional flows remain a key factor in market sentiment. On February 10, Foreign Institutional Investors (FIIs) sold equities worth Rs.2,463 crore, while Domestic Institutional Investors (DIIs) bought equities worth Rs.1,515 crore. These transactions will be closely monitored for their impact on market direction. Overall[KR1] , traders are advised to exercise caution and wait for confirmation of price action at key levels before initiating fresh positions.

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