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Published on 31-07-2026 10:32 am

Intraday Rational :

• Trend - Supportive efforts emerged from the lower band of the contracting triangle

• Levels – Buy around 61.8% retracement of Thursday rang

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Published on 31-07-2026 10:32 am

Technical Outlook :

• Index opened on negative note and thereafter found supportive effort from 38.2% retracement levels of current up move around 56800 and rebounded higher to close on flat note. Consequently, the daily price action resulted into high wave candle with shadows on either side indicating elevated volatility.

• Going ahead we expect, index to resolve higher while sustaining above 200 days EMA placed at 56500 and gradually head towards upper band of consolidation placed at 58500 in coming month. The key support zone of 56500- 56000 is a placement of the 38.2% retracement of entire rally (49954-58706) and gap-area is placed around 55,500 levels.

• Another observation is that over last 4 weeks Index has retraced by 38.2% of earlier 3 weeks rally, indicating slower pace of retracement which would help to set stage for next leg of rally.

• The PSU Bank Index has formed small hammer like candle at 200-day EMA indicating buying demand from key moving average. Going ahead follow through strength above Mondays(8423) high would set the stage towards 8700 levels

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Published on 31-07-2026 10:32 am

Nifty Bank : 57148

Technical Outlook

Day that was :

Bank Nifty ended Sensex expiry session on a flat note down 0.1% at 57148 on back of mixed global cues.

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Published on 31-07-2026 10:31 am

Intraday Rational :

• Trend – Formation of higher high-low structure in daily time frame, indicating positive bias.

• Levels – Buy around 61.8% retracement of Thursday range

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Published on 31-07-2026 10:31 am

Key Monitorable :

a) The AI/Semiconductor induced rally in North Asian markets (Kospi, Nikkei) is now showing sign of exhaustion, resulting into extended profit booking. Conversely, this rotation could benefit growth-oriented economies like India wherein FII’s outflows have started to witness deterioration.

b) Brent crude has been miniating the rhythm of arresting pullback after a sharp decline in amid geopolitical conflict around 40%. Falling crude would fuel the momentum in the equities

c) Empirically, after such a pattern crude undergoes consolidation and eventually revisits the panic low in subsequent quarters. Therefore, we believe falling crude oil would be the primary catalyst to reignite momentum in equities

d) USD-INR pair treated after forming double top amid negative divergence and snapped four weeks winning streak which would act as positive catalyst for Indian equities

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