Nifty 15800 will act as an immediate support followed by 15730 and 15700 levels by Mr. Rahul Sharma, Equity99
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Below are Views On today`s post market report by Mr. Rahul Sharma, Co- Founder, Equity99.
Fresh start for the last week of July series begun with a gap down opening as the SGX nifty indicated negative opening in the morning today, the Nifty in pre- opening managed to show us 16000 mark, but got its opening at 15803 & after a whole volatile session it has managed to close at 15824, loosing 31.60 points. Similarly Bank Nifty Declined by 123.53 Points after a volatile session and closed at 34949.70.
During the day we have seen lot of action in Nifty Metal, Nifty Pharma, Nifty Media & by Nifty IT by the day’s end , the stocks which rose the most from Nifty 50 includes SBI LIFE Insurance which posted good earning numbers for Q1 FY22 with (+2.46%) followed by Bajaj Finserv gaining (+2.45%), Hindalco by (+2.12%) & Divis labs by (+2.00%). Stocks which have seen declines includes JSW Steel by (-1.81%) followed by WIPRO (-1.45%), Reliance Industry by (-1.37%) & SBI by (-1.31%) under pressure of bank Nifty.
Now for Tuesday at Nifty 15800 will act as an immediate support followed by 15730 and 15700 levels on the downside & have immediate resistance at 15885 followed by 15960 & 16050 as third resistance.
For Bank Nifty 34800 will act as a first support to the index followed by 34500 & 34200, resistance is placed at 35150 – 35350-35600.
All the eyes of investors and traders are focused on the earning season so stock specific approach will the best strategy to follow at the current market situation, Sectors which will remain in focus will be from Banking, Cement, Metal, Realty & IT space.
Above views are of the author and not of the website kindly read disclaimer
