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

In the previous session, Nifty experienced a sharp intraday swing, initially declining by nearly 270 points before staging a strong recovery of 340 points. This price action resulted in the formation of an indecisive Doji candlestick on the daily chart, signaling a potential reversal in sentiment. If Nifty sustains above the 23,180 level, it could extend gains toward the 23,260–23,500 range. On the downside, immediate support is placed at 22,950 and 22,775, which may present attractive buying opportunities for traders.

Similarly, Bank Nifty witnessed significant volatility, initially declining by nearly 650 points before rebounding sharply by 950 points, forming a hammer candlestick in the previous session. While this pattern suggests a potential reversal, confirmation is needed to establish a clear trend. A sustained move below the critical level of 49,350 could lead to further downside, testing immediate support at 49,000 and 48,850. Conversely, a reversal from these levels may offer potential buying opportunities. On the upside, resistance is seen at 49,650, and a decisive close above this level could trigger a rally toward 50,000.

On the institutional front, Foreign Institutional Investors (FIIs) remained net sellers for the sixth consecutive session on February 12, offloading equities worth Rs 4,969 crore. Meanwhile, Domestic Institutional Investors (DIIs) were net buyers, purchasing equities worth Rs 5,929 crore on the same day.Given the current market dynamics, traders are advised to exercise caution and await confirmation of price action at key levels before initiating fresh positions.

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