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Published on 24-07-2026 07:08 pm

Sumeet Bagadia’s Desk:Buy GOLDM|29JUL26 PE 142000.00 in Commodity @ 930.00 SL 748.00 TGT 1294.00

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Published on 24-07-2026 06:20 pm

COMMODITY EVENING VIEW BY SUMEET BAGADIA

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Published on 24-07-2026 06:11 pm

Global Market Update

• European Market – European stocks gained on Friday as upbeat earnings and stronger-than-expected business activity across the euro zone buoyed sentiment.. UK, Germany and France Index gained up to 1%.

• Asian Market – Asian stocks fell, as technology shares followed US peers lower on a fresh wave of investor concerns over the levels of capital spending on artificial intelligence. Both Taiwan and South Korea Index gained 1% each while Hong Kon and China Index declined.

• US Data – PMI and New Home sales.

• Commodity – Brent crude retreated after hitting $100 a barrel in the previous session on concern over widening risks to Middle East supplies, as US President Donald Trump’s revived trade tariffs posed economic headwinds. The global benchmark fell as much as 4.1% on Friday in thin trading volumes, having reached triple digits the day before for the first time in two months as Houthi attacks on tankers in the Red Sea opened a new front in the Middle East conflict

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Published on 24-07-2026 06:06 pm

Derivative Outlook:

• Nifty future closed negative with losses of 0.18% at 23830 levels. Positive setup seen in United Spirits, HCL Tech, SBI Life, Nuvama, Exide Industries, Havells, Laurus Labs, REC and IDFC First while weakness seen Swiggy, Amber, Tube Investments, Prestige, VMM, Hindalco, Lupin, Gail and Indigo.

• On option front, Maximum Call OI is at 24000 then 24200 strike while Maximum Put OI is at 23000 then 23700 strike. Call writing is seen at 23800 then 24000 strike while Put writing is seen at 23700 then 23600 strike. Option data suggests a broader trading range in between 23300 to 24200 zones while an immediate range between 23500 to 24000 levels

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Published on 24-07-2026 06:06 pm

Technical Outlook:

• Nifty index opened with a gap down of around 200 points and attempted to break 23600 mark in the first hour, but bulls defended the zone as the index recovered towards 23800 levels and closed near its upper band. Overall, the index remained range bound amidst increased volatility and formed a bullish candle on the daily frame. On the weekly frame, it formed a bearish candle and closed below the lows of the last five weeks, indicating that broader weakness still persists. Now till it holds below 23800 zones weakness could be seen towards 23600 then 23500 levels while on the upside hurdle can be seen at 23950 then 24050 zones.

• S&P BSE Sensex index opened with a gap down of around 680 points and continued to witness selling pressure in the first couple of hours. Post which the index staged a V - shaped recovery from the intraday low of 75500 zones and moved towards 76200 zones. It formed a small bodied bullish candle with a longer lower shadow indicating buying interest from the lower levels but continues to form lower highs from the last five sessions. On the weekly chart it formed a strong bearish candle indicating that bears continue to have the upper hand. Now if it manages cross and hold above 76200 zones, bounce could be seen towards 76500 then 76800 marks while hold below the same could see weakness towards 75500 and then 75200 zones.

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