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

The Nifty index formed an inverted hammer on the daily chart, signaling difficulty in sustaining higher levels after a sharp 190-point rally, followed by a nearly 200-point decline from the day’s high. Key support is placed at 22,900, with a breakdown potentially leading to 22,775, while resistance is observed at 23,250 and 23,500. A sustained close above 23,500 could drive the index towards 23,800–24,000.

Meanwhile, Bank Nifty exhibited bearish momentum, erasing a 350-point rally with a subsequent 500-point decline, forming an inverted hammer and closing below 49,400. The index struggled to sustain above 49,700 and remained below key exponential moving averages (EMAs), signaling weakness. Resistance levels are identified at 49,500 and 49,800, while support is at 49,250 and 49,000. A decisive breakdown below 48,850 could indicate further downside. Given the market's uncertain nature, traders should adopt a cautious approach with strict stop-loss measures.

On the institutional front, foreign institutional investors (FIIs) extended their selling streak for the seventh consecutive day, offloading equities worth Rs 2,789.91 crore on February 13. In contrast, domestic institutional investors (DIIs) provided support by purchasing equities worth Rs 2,934 crore on the same day. Considering the prevailing market dynamics, traders are advised to exercise caution and wait for confirmation of price action at key levels before initiating fresh positions.

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