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Published on 28-07-2026 10:26 am

Nifty

Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 23996 with a gain of 229 points. On the daily chart the index has formed a Bullish candle which has totally Engulfed its previous day's move forming a Morning Star candlestick formation which is a bullish reversal formation. For such formation confirmation is necessary, so if the index breaks above previous day's high it would witness a change of trend to the upside. The chart pattern suggests that if Nifty breaks and sustains below 23890 level it would witness selling which would lead the index towards 23800-23700 levels. However, if index crosses above 24015 level it would witness pullback rally which would take the index towards 24100- 24150.

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Published on 28-07-2026 10:24 am

Comments:
Nifty weekly contract has the highest open interest at 25000 CE and 23000 PE while monthly contracts have the highest open interest at 24200 CE and 23000 PE. The highest Ol addition was seen at 25000 CE and 23000 PE in weekly and at 24300 CE and 23900 PE in monthly contracts. Flls increased their future index long holdings by 0.68%, decreased future index shorts by 1.25% and in index. options, 1.76% increase in Call longs, 0.06% decrease in Call short, 2.26% decrease in Put longs and 8.89% Increase in Put shorts

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Published on 28-07-2026 10:21 am

BANK NIFTY

* The Banking Index extended its recovery for a second consecutive session, sustaining above the 50 and 100 DEMA, while the 20 DEMA remains an immediate resistance.

* Following a gap-up opening, the index traded within a narrow range, indicating consolidation.

* Market participation remained mixed, with IDFC First Bank and AU Small Finance Bank outperforming, while Bank of Baroda and HDFC Bank witnessed profit booking.

* Resistance stands at 58,000, with 56,000 as key support.

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Published on 28-07-2026 10:20 am

NIFTY

* Nifty witnessed a strong rebound on Monday, snapping their five-session losing streak amid supportive global cues and encouraging quarterly earnings.

* However, the index continues to trade below the immediate resistance band of 24,000–24,150, which coincides with its 20-day and 100-day DEMA, making this zone a critical hurdle for the bulls.

* On the downside, the 23,600–23,800 region is expected to provide immediate support in the event of any profit-taking.

* Given the prevailing volatility, we continue to advocate a stock-specific approach, preferring relatively stronger stocks across sectors while maintaining disciplined risk and position management.

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Published on 28-07-2026 10:19 am

Market Outlook

The benchmark Nifty50 index started the week on a positive note, extending its recovery towards the 24,000 mark, amid the supportive global cues. From a technical perspective, the short term moving averages of 20-DEMA and 50-DEMA aligned with the 24,100 zone, making it a immediate resistance area. A decisive breakout above this zone could strengthen the ongoing recovery and pave the way for an up move towards the 24,500 mark. However, if the index fails to surpass this hurdle, the prevailing bearish momentum is likely to remain intact, which may negate the current recovery and drag the index back towards the 23600-23500 support zone in the near term.

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