MARKET TRENDS:
Global cues: Neutral
FII: (-26.12 crores)
DII: (+1366.82 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Overbought conditions.
F&O: 25000 – 26000 zone.
India VIX 12.20 (-2.91%)
USD/INR Futures (29th July) 85.75
Nifty PCR (31st July) 1.18
Bank Nifty PCR (31st July) 0.98
Nifty Outlook: Nifty could wobble as Trump says ‘no extensions’ after Aug. 1 tariff deadline.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25523):
SUPPORT: 25415/25221
RESISTANCE: 25670/26277
RANGE: 25400-25750
BIAS: Positive
21 DMA: 25199
50 DMA: 24896
200 DMA: 24091
SENSEX (CMP 83713):
SUPPORT: 83363/82733
RESISTANCE: 84100/85978
RANGE: 83500-84500
BIAS: Positive
21 DMA: 82637
50 DMA: 81850
200 DMA: 79326
BANK NIFTY (CMP 57256)
SUPPORT: 56900/56100
RESISTANCE: 57615/58300
RANGE: 56900-57900
BIAS: Positive
21 DMA: 56553
50 DMA: 55810
200 DMA: 52223
Nifty: In Tuesday’s trade, Nifty started the day on a cautious note but bullishness improved as the session progressed and the positive takeaway was that Nifty ended on a strong positive footing.
Nifty’s all-time-high continues to be at 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25300/25221 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 bullish bias and Nifty’s biggest intraday hurdles at 25670 mark.
Bank Nifty: In Tuesday’s trade, Bank Nifty started the session on a cautious note, and the wavering prevailed all-thru the trading session, but the positive takeaway was that the benchmark ended on a positive note.
Bank Nifty’s all-time now is at 57628.40 mark.
Bank Nifty was seen mirroring Nifty’s rebounding theme action, ending 0.54% higher as against Nifty’s 0.24% gains.
Interestingly, Nifty PSU Banks ended 0.25% lower while Nifty Private Bank Index ended with 0.66% gains.
Intraday support for Bank Nifty now seen at 56900/56100 mark and then at 55483 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 52223 mark.
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