Quote on Pre-Market Comment by Aakash Shah, Technical Research Analyst, Choice Broking

Below the Quote on Pre-Market Comment by Aakash Shah, Technical Research Analyst, Choice Broking
On the daily chart, Nifty has formed a bearish candlestick pattern for five consecutive sessions, indicating persistent negative sentiment. The index faces key resistance at 23,180, and a decisive breakout above this level could drive further gains towards 23,350 and 23,500. On the downside, immediate support is placed at 22,970, a crucial level for the monthly trend. A breakdown below this mark could lead to further declines towards 22,775 and 22,500, reinforcing a cautious outlook as Nifty struggles to hold critical support levels.
Similarly, Bank Nifty witnessed a sharp decline of nearly 577 points in the previous session. However, further confirmation is required to determine its next move. A sustained move below the critical level of 49,350 could test immediate support at 49,000 and 48,850, while a reversal from these levels may offer potential buying opportunities. On the upside, resistance is observed at 49,650, and a close above this level could trigger a rally towards 50,000.
In terms of institutional activity, foreign institutional investors (FIIs) continued their selling equities on February 11, offloading equities worth ?4,486 crore, while domestic institutional investors (DIIs) provided support by purchasing equities worth ?4,001 crore on the same day. These transactions will be closely monitored for their impact on market direction.
Overall, traders are advised to exercise caution and wait for confirmation of price action at key levels before initiating fresh positions.
Above views are of the author and not of the website kindly read disclaimer










More News

Daily Market Wrap : Markets managed to inch higher despite volatility, gaining nearly 1% ami...


