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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 flat to positive on July 31, following GIFT Nifty trends indicating a gain of 30 points for the broader index.

Nifty can find support at 24,800 followed by 24,750 and 24,700. On the higher side, 24,900 can be an immediate resistance, followed by 25,000 and 25,100.

The charts of Bank Nifty indicate that it may get support at 51,300, followed by 51,100 and 51,000. If the index advances further, 51,700 would be the initial key resistance, followed by 51,800 and 51,900.

The foreign institutional investors (FIIs) extended their selling as they sold equities worth Rs 5,598 crore on July 30, while domestic institutional investors bought equities worth Rs 5,565 crore on the same day.

INDIAVIX was flat yesterday down by 0.50% and is currently trading at 12.8800.

We have seen a selling pressure from FII’s since the last 2 days. Nifty is facing a resistance near 25000 levels. On the lower side Nifty has a strong support at 24800 levels. Traders holding a long position should trail stop loss at 24800 levels on a closing basis. Also traders can book profits on higher levels near the mentioned resistance levels.

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