Quote on Pre-Market Comment by Hardik Matalia, Research Analyst, Choice Broking Ltd
Below the Quote on Pre-Market Comment by Hardik Matalia, Research Analyst, Choice Broking Ltd
The benchmark Sensex and Nifty indices are expected to open flat on Feb 01, following GIFT Nifty trends indicating a loss of 10 points for the broader index.
After a flat opening, Nifty can find support at 23,400 followed by 23,300 and 23,200. On the higher side, 23,600 can be an immediate resistance, followed by 23,700 and 23,800.
The charts of Bank Nifty indicate that it may get support at 49,300 followed by 49,000 and 48,800. If the index advances further, 49,700 would be the initial key resistance, followed by 50,000 and 50,300.
The Foreign institutional investors (FIIs) remained net sellers on January 31, as they sold equities worth Rs 1,188.99 crore, while domestic institutional investors purchased equities worth Rs 2,232.22 crore on the same day.
INDIAVIX was negative Yesterday down by 6.57% and is currently trading at 16.2475.
Yesterday, the Indian markets experienced high volatility, with strong buying from lower levels. However, the Nifty index managed to sustain higher levels, closing the session on a strong positive note above the 23,500 mark. Meanwhile, global markets traded in the negative, while Foreign Institutional Investors (FIIs) remained net sellers, raising concerns about the sustainability of the ongoing rally. On the downside, 23,300 serves as an immediate support level, followed by the 23,200 mark. On the upside, immediate resistance is at 23,600, with a critical hurdle near 23,800. A sustained close above these resistance levels could push the markets beyond the 24,000 mark. Traders need to remain cautious ahead of the Union Budget, as high volatility is expected. However, buying on dips can be considered as long as the Nifty index holds above the 23,200 mark.
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