MARKET TRENDS:
Global cues: Positive
FII: (+221.06 crores)
DII: (+591.33 crores)
Sentiment: Risky
Market Breadth: Neutral
Technicals: Overbought conditions.
F&O: 25000 – 26000 zone.
India VIX 11.67 (-2.24%)
USD/INR Futures (29th July) 85.76
Nifty PCR (31st July) 1.17
Bank Nifty PCR (31st July) 0.86
Nifty Outlook: Nifty bulls are likely to receive fresh drubbing amidst Trump tariff uncertainties’ and also after hawkish remarks from the Fed’s Musalem, which puts the benchmark further in strain.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25355):
SUPPORT: 25221/25000
RESISTANCE: 25525/25670
RANGE: 25200-25500
BIAS: Neutral
21 DMA: 25227
50 DMA: 24940
200 DMA: 24091
SENSEX (CMP 83190):
SUPPORT: 82733/81900
RESISTANCE: 83750/84100
RANGE: 82500-83500
BIAS: Neutral
21 DMA: 82723
50 DMA: 81983
200 DMA: 79329
BANK NIFTY (CMP 56956)
SUPPORT: 56100/55000
RESISTANCE: 57615/58300
RANGE: 55500-57500
BIAS: Neutral
21 DMA: 56604
50 DMA: 55884
200 DMA: 52264
Nifty: In Thursday’s trade, Nifty mostly traded in red and the negative takeaway was that the benchmark ended the session on a cautious note.
Nifty’s all-time-high continues to be at 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25221/25000 mark.
Nifty’s hurdles seen 25670/26277 mark.
Nifty’s 200 DMA at 24091 mark.
Nifty’s chart of the day suggests Nifty may waver in an up-and-down session with slight bearish bias and Nifty’s biggest intraday hurdles at 25525 mark.
Bank Nifty: In Thursday’s trade, Bank Nifty started the session on a cautious note, and the slight pessimism prevailed all-thru the trading session. The negative takeaway was that the benchmark ended below the dotted lines.
Bank Nifty’s all-time now is at 57628.40 mark.
Bank Nifty was seen mirroring Nifty’s subdued action, ending 0.47% lower as against Nifty’s 0.45% loss.
Interestingly, Nifty PSU Banks ended 0.80% lower while Nifty Private Bank Index ended with 0.45% loss.
Intraday support for Bank Nifty now seen at 56100/55000 mark and then at 54383 mark on closing basis.
In today’s trade and in near term, Bank Nifty is likely to face resistance at 57615 mark and then at 58300 mark. Bank Nifty’s 200-DMA is placed at 52264 mark.
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