IGI Logo

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 on a positive on Mar 18, following GIFT Nifty trends indicating a gain of 157 points for the broader index.

After a positive opening, Nifty can find support at 22,450 followed by 22,350 and 22,300. On the higher side, 22,700 can be an immediate resistance, followed by 22,750 and 22,800.

The charts of Bank Nifty indicate that it may get support at 48,200 followed by 47,900 and 47,700. If the index advances further, 48,600 would be the initial key resistance, followed by 48,800 and 49,000.

The Foreign institutional investors (FIIs) continued to remain net sellers in the month of March till now, as they sold equities worth Rs 4,488.45 crore on March 17. However, domestic institutional investors (DIIs) compensated with buying of equities of Rs 6,000.60 crore, on the same day.

INDIAVIX was positive Yesterday up by 1.02% and is currently trading at 13.4150.

Yesterday, the Indian markets exhibited a sideways trend throughout the day, following initial buying interest at the start of the session. Despite the lack of strong directional movement, the Nifty index managed to close above the 22,500 mark, indicating the presence of buyers and sustained market support at higher levels. Global markets traded positively, though concerns remained as Foreign Institutional Investors (FIIs) continued to be net sellers. On the downside, 22,400 serves as immediate support, and a breach below this level could trigger extended selling toward the 22,300–22,000 range. On the upside, 22,650 acts as immediate resistance, with a critical hurdle near 22,800. A sustained close above these levels would be necessary to confirm a bullish reversal. Given the ongoing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying overnight positions.

Above views are of the author and not of the website kindly read disclaimer