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Below the Quote on Pre-Market Comment by Deven Mehata, Research Analyst, Choice Broking

The benchmark Sensex and Nifty indices are expected to open negative on July 30, following GIFT Nifty trends indicating a loss of 50 points for the broader index.

Nifty can find support at 24,700 followed by 24,650 and 24,600. On the higher side, 24,900 can be an immediate resistance, followed by 24,950 and 25,000.

The charts of Bank Nifty indicate that it may get support at 51,200, followed by 51,000 and 50,900. If the index advances further, 51,500 would be the initial key resistance, followed by 51,700 and 51,800.

The foreign institutional investors (FIIs) sold equities worth Rs 2474 crore on July 29, while domestic institutional investors bought equities worth Rs 5665 crore on the same day.

INDIAVIX was positive yesterday up by 5.70% and is currently trading at 12.9450.

Yesterday we saw high volatility in Nifty as well as bank nifty. Nifty has formed all-time high levels at 24999.75 levels after which we have seen sharp profit booking. Global markets are also showing volatility.  Traders holding long positions on Nifty can hold with a stop loss of 24600 on a closing basis.

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