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 on a positive on Mar 19, following GIFT Nifty trends indicating a gain of 54 points for the broader index.
After a positive opening, Nifty can find support at 22,750 followed by 22,650 and 22,550. On the higher side, 22,950 can be an immediate resistance, followed by 23,000 and 23,100.
The charts of Bank Nifty indicate that it may get support at 49,000 followed by 48,700 and 48,500. If the index advances further, 49,500 would be the initial key resistance, followed by 49,800 and 50,000.
After remaining net sellers for the last 17 sessions, the Foreign institutional investors (FIIs) bought equities worth Rs 1,462.96 crore on March 18. Domestic institutional investors (DIIs) also bought equities of Rs 2,028.15 crore, on the same day.
INDIAVIX was negative Yesterday down by 1.53% and is currently trading at 13.2100.
Yesterday, the Indian markets opened with a gap-up, driven by strong buying interest from the start of the session. Demonstrating a strong directional movement, the Nifty index managed to close above the 22,800 mark, indicating the presence of buyers and sustained market support at higher levels. Global markets traded with mixed sentiment, while Foreign Institutional Investors (FIIs) were net buyers, reflecting confidence in the Indian market. On the downside, 22,500 serves as immediate support, and a breach below this level could trigger renewed selling pressure. On the upside, 23,000 is expected to act as immediate resistance, with a critical hurdle near 23,200. A sustained close above these levels would be essential 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.
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