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Below the Quote on Pre-Market Comment by Hardik Matalia, Research Analyst, Choice Broking

The benchmark Sensex and Nifty indices are expected to open positive on Aug 7, following GIFT Nifty trends indicating a gain of 250 points for the broader index.

After a gap up opening, Nifty can find support at 24,050 followed by 24,000 and 23,950. On the higher side, 24,300 can be an immediate resistance, followed by 24,350 and 24,400.

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

The foreign institutional investors (FIIs) extended their selling on August 6 as they sold equities worth Rs 3531 crore, while domestic institutional investors extended their buying, as they bought equities worth Rs 3357 crore on the same day.

INDIAVIX was negative yesterday down by 7.98% and is currently trading at 18.7425.

Yesterday, the global market witnessed a bounce back after a huge selling for 3 consecutive days. Indian markets are expected to open positive today. Traders holding long positions should hold with the strict stop loss of 24000 on a closing basis. If Nifty manages to hold above 24400 it can further lead towards 24550-24650 levels.

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