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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 be positive on Aug 16, following GIFT Nifty trends indicating a gains of +184 points for the broader index.

After a positive opening, Nifty can find support at 24,200 followed by 24,150 and 24,050. On the higher side, 24,350 can be an immediate resistance, followed by 24,400 and 24,450.

The charts of Bank Nifty indicate that it may get support at 49,800, followed by 49,600 and 49,500. If the index advances further, 50,200 would be the initial key resistance, followed by 50,300 and 50,400.

The foreign institutional investors (FIIs) sold equities worth Rs 2595 crore on August 14, while domestic institutional investors sold equities worth Rs 2236 crore on the same day.

INDIAVIX was negative on Wednesday down by 4.53% and is currently trading at 15.4350.

Yesterday, the global markets closed higher following positive US retail sales data for July. Indian markets are expected to open on a positive note. However, recent FII’s selling could be a concern. The Nifty index is facing resistance near the 24,400 and 24,500 levels. On the downside, the Nifty has strong support at the 24,000 level. Traders holding long positions should maintain a trailing stop loss at 24,000 on a closing basis.

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