Quote on Pre-market comment for Wed Feb 18 by Aakash Shah, Technical Research Analyst, Choice Broking
Below the Quote on Pre market comment for Tuesday Feb 18 by Aakash Shah, Technical Research Analyst, Choice Broking
Indian equity markets are likely to open the February 18 session on a flat-to-positive footing, with GIFT Nifty trading near 25,769, up about 30 points—indicating a cautious but stable start.
The Nifty 50 opened on a weak note and traded in a narrow range through most of the session before staging a recovery, led by strength in IT stocks and select heavyweight counters. Buying momentum in the latter half helped the index close around 25,725, reflecting a phase of consolidation. Key support is placed in the 25,550–25,600 zone, while the 25,850–25,900 range remains the crucial upside breakout level.
Bank Nifty continued to show relative outperformance compared to the broader market, driven by selective accumulation in private sector banks and steady institutional participation. Despite intraday fluctuations, the index managed to hold its gains and closed near 61,200. Immediate support is seen at 60,850–60,950, while 61,400–61,500 stands as a strong resistance band. A decisive move above this level could trigger further upside momentum.
After two consecutive sessions of selling, foreign institutional investors turned net buyers on February 17, with equity purchases worth ?995 crore. Domestic institutional investors also remained positive, extending their buying streak to the fourth session with net inflows of ?187 crore.
In view of ongoing global uncertainties and heightened market volatility, traders are advised to remain disciplined and selective, focusing on fundamentally strong stocks during corrective phases. Fresh long positions should be initiated only after a sustained breakout of the Nifty above the 26,000 level, which would indicate a more dependable improvement in overall market sentiment.
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