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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 Aug 2, following GIFT Nifty trends indicating a loss of 230 points for the broader index.

After a gap down opening, Nifty can find support at 24,800 followed by 24,750 and 24,700. On the higher side, 25,000 can be an immediate resistance, followed by 25,050 and 25,100.

The charts of Bank Nifty indicate that it may get support at 51,200, followed by 51,000 and 50,800. 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) turned net buyers as they bought equities worth Rs 2,089 crore on August 1, while domestic institutional investors sold equities worth Rs 337 crore on the same day.

INDIAVIX was negative yesterday down by 2.42% and is currently trading at 12.9300.

After weak economic data in the US we have witnessed sharp profit booking in global markets. Indian markets are expected to open negative today. Traders holding a long position should exit if Nifty closes below 24800 levels. Fresh long position can be made at the strong support of 24550 with a strict stop loss of 24500 on closing basis.

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