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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 negative on Aug 5, following GIFT Nifty trends indicating a loss of 360 points for the broader index.

After a gap down opening, Nifty can find support at 24,300 followed by 24,250 and 24,200. On the higher side, 24,500 can be an immediate resistance, followed by 25,600 and 25,650.

The charts of Bank Nifty indicate that it may get support at 50,800, followed by 50,600 and 50,500. If the index advances further, 51,100 would be the initial key resistance, followed by 51,300 and 51,500.

The foreign institutional investors (FIIs) sold equities worth Rs 3310 crore on August 2, while domestic institutional investors bought equities worth Rs 2965 crore on the same day.

INDIAVIX was positive on Friday up by 10.75% and is currently trading at 14.3200.

On Friday, the global market witnessed sharp selling pressure as there is a fear that the United States is heading to a recession. Indian markets are expected to open negative today. Traders holding long positions should exit on the bounce. If Nifty closes below the supports of 24300 more selling pressure can be seen in the market.

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