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Below the Quote on Pre-market comment for Friday February 6 by Hitesh Tailor, Research Analyst, Choice Broking

Indian equity markets are likely to open on a negative note on February 6, with GIFT Nifty indicating an opening around 25,633, down nearly 67 points, suggesting a weak start amid cautious global cues.

The Nifty 50 opened flat in the previous session and witnessed early selling pressure, slipping to an intraday low of 25,579.50. A modest rebound followed, after which the index moved within a narrow range, reflecting indecision and a lack of strong directional momentum. The benchmark eventually settled at 25,642.80, continuing its phase of consolidation at higher levels. Immediate resistance is placed in the 25,750–25,800 zone, while key support is seen at 25,450–25,500. The daily RSI stands at 51.68, indicating neutral momentum with underlying resilience.

The Bank Nifty opened flat to marginally positive and touched an intraday high of 60,328 but failed to sustain higher levels. Persistent selling pressure dragged the index to a low of 59,881.05. It closed nearly 174 points lower at 60,063.65, signaling consolidation with a mild negative bias. Immediate resistance is seen at 60,300–60,400, while crucial support lies in the 59,700–59,800 range.

On February 5, foreign institutional investors (FIIs) remained net sellers, offloading equities worth ?2,150 crore. In contrast, domestic institutional investors (DIIs) extended their buying streak for the fourth consecutive session, purchasing equities worth over ?1,100 crore.

Amid persistent global uncertainties and heightened market volatility, traders should adopt a selective and disciplined approach, prioritizing stocks with strong fundamentals during market pullbacks. New long positions are best initiated only after the Nifty registers a clear and sustained breakout above the 26,000 mark, indicating a tangible improvement in overall market sentiment.

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