Pre-Market Comment by Deven Mehata, Research Analyst, Choice Broking
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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 1, following GIFT Nifty trends indicating a gain of 90 points for the broader index.
After a gap up opening, Nifty can find support at 24,950 followed by 24,900 and 24,850. On the higher side, 25,100 can be an immediate resistance, followed by 25,200 and 25,250.
The charts of Bank Nifty indicate that it may get support at 51,500, followed by 51,300 and 51,200. If the index advances further, 51,800 would be the initial key resistance, followed by 52,000 and 52,100.
The foreign institutional investors (FIIs) extended their selling as they sold equities worth Rs 3,462 crore on July 31, while domestic institutional investors bought equities worth Rs 3,366 crore on the same day.
INDIAVIX was positive yesterday up by 2.87% and is currently trading at 13.2500.
Yesterday we saw a strong up-move in US markets after the FED meeting and positive commentary on rate cuts in near term. Indian markets are also ready to give a strong breakout above the resistance level of 25000. Traders holding long positions can hold and trail stop loss at 24850 on a closing basis. Also fresh long positions can be made on dips near 24900 with a mentioned stop loss.
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