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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 8, following GIFT Nifty trends indicating a loss of 140 points for the broader index.

After a gap down opening, Nifty can find support at 24,150 followed by 24,100 and 24,000. On the higher side, 24,300 can be an immediate resistance, followed by 24,400 and 24,500.

The charts of Bank Nifty indicate that it may get support at 50,000, followed by 49,800 and 49,700. If the index advances further, 50,300 would be the initial key resistance, followed by 50,500 and 50,600.

The foreign institutional investors (FIIs) extended their selling on August 7 as they sold equities worth Rs 3314 crore, while domestic institutional investors bought equities worth Rs 3901 crore on the same day.

INDIAVIX was negative yesterday down by 13.73% and is currently trading at 16.1700.

Today, we have the RBI monetary policy, with the expectation of no rate changes. The RBI governor's statement will be crucial because he can address global uncertainties. The US markets were turbulent yesterday and finished lower. Traders with long positions should set a strict stop loss of 24150 on a closing basis.

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