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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 positive on Aug 20, following GIFT Nifty trends indicating a gain of 36 points for the broader index.

Nifty can find support at 24,500 followed by 24,450 and 24,400. On the higher side, 24,650 can be an immediate resistance, followed by 24,700 and 24,800.

The charts of Bank Nifty indicate that it may get support at 50,100, followed by 50,000 and 49,900. If the index advances further, 50,500 would be the initial key resistance, followed by 50,700 and 50,850.

The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 2,667crore on August 19, while domestic institutional investors also bought equities worth Rs 1802 crore on the same day.

INDIAVIX was flat to slight negative yesterday down by 0.61% and is currently trading at 14.3150.

Global markets are continuously forming higher high higher low formation indicating strength in the markets. Indian markets are also moving higher and can further move towards the next resistance of 24800 levels. Traders holding a long position can hold with a trailing stop loss of 24400 on a closing basis.

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