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Published on 19-07-2024 12:41 pm

BUY NIFTY 24600 PUT ABOVE 240 SL BELOW 190 TGT 275-322-355. 25 JULY

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Published on 19-07-2024 10:40 am

Nifty

Nifty surged higher after retesting its 5 DEMA support level for the 30th consecutive session, holding above 24600, indicating continued bullish momentum. However, the widening gap between current price action and 5 WEMA support level of 24265 is a concern ahead of a key event next week. Yesterday's breakout momentum may help the index rise towards 24965, with its 5 DEMA support around 24600 indicating momentum strength. The ADX is moving above its 30 zone, indicating extended strength, while the RSI oscillates near its overbought zone. A significant fall below 24240 could change the trend, and it's advisable to be cautious when chasing breakout trades, as the continuation pattern target is near and the extended advance towards 24965 may not provide healthy risk reward opportunities. Due of the notable sector rotation swings that have been happening over the last several days it is better to adhere, the buy on dips approach which still remains effective as long as the index closes above its rising 5-day moving average.

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Published on 19-07-2024 10:25 am

BANKNIFTY

* Banking index experienced overwhelmed swings but managed to show an upward momentum as the day progressed and closed with half a percent gain.

* Mixed trend continued among the banking majors where ICICIBANK and SBIN contributed the most and HDFCBANK capped the upside.

* Despite the positive momentum, the index is facing rejection at higher levels. We reiterate our view that we need a decisive break above 52,800,to induce positive momentum.

* Thus traders should align their trades accordingly.

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Published on 19-07-2024 10:24 am

NIFTY

* Nifty extended up move for yet another session and gained over half a percent, in continuation to the prevailing uptrend.

* Among the sectoral indices, IT and FMCG posted decent gains while PSE and metal were on the back foot.

* The index have been inching higher on the expected lines and we are now eyeing the new milestone of 25,000.

* Prefer hedged positions citing the expected rise in volatility due to the upcoming Union Budget and ongoing earnings.

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Published on 19-07-2024 10:13 am

TECHNICAL OUTLOOK

* Benchmark index traded volatile yesterday before closing with 0.76% gain at 24800 level. Banking index underperformed the benchmark index as it closed with 0.43% gain at 52620 level.

* India VIX closed with 2.02% gain at 14.51 level.

* Among Sectors NIFTYIT index performed better than the benchmark index as it closed with 2.22% gain while NIFTYMEDIA index underperformed as it closed with 3.57% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.96% and 1.22% cut respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. FII were net buyers while DII were net sellers in the cash segment.

*  European markets (DAX) and US markets (DJIA) closed lower yesterday. Asian Markets are following suit and trading lower today.

Intraday Market Outlook

* Benchmark index is likely to open higher and trade volatile today. Index has support at 24600 - 24550 level and resistance at 24950 - 25000 level.

*  Banking index is likely to trade in line with the benchmark index today with support at 52200 - 52000 level and resistance at 53000 - 53200 level.

* ITC closed with bullish candlestick pattern and it is likely to trade with positive bias today.

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