Market Wrap Up : No major traction in key indices says Mr. Rajesh Bhosale, at Angel One Ltd
Below is Quote on Market Wrap Up 25 July 2023 By Mr. Rajesh Bhosale, Technical Analyst at Angel One Ltd
No major traction in key indices
Overnight, the U.S. stock markets saw decent gains, and this positive trend was reflected in some Asian markets as well in the morning. Consequently, our markets started positively, taking cues from international trends. However, from the beginning itself, there was sluggishness, and prices gradually declined from the opening point. Although there was an attempt to bounce back during the second half, traction was lacking, resulting in the Nifty eventually ending flat with no significant change from the previous close at 19681.
The key indices experienced a lackluster day as the intraday trend was unclear, and it appeared that market participants preferred to maintain light positions ahead of the upcoming FOMC meet. On the other hand, the broader markets remained active, indicating a bullish undertone with traders showing more interest in non-index-specific actions. Looking forward, considering that prices are still in the overbought zone, the markets may continue with this consolidation phase leading up to the monthly expiry and the key event. The next crucial support levels for Nifty are around 19550 - 19500, representing the 61.8% retracement levels of the recent rally, followed by strong support at the 20EMA around 19450 levels. An ideal strategy would be to re-enter long positions in the range of 19450 - 19550, and a major weakness would trigger only if this range is broken. On the upside, immediate resistance is seen at 19800 - 19880, with 20000 posing a significant challenge for the bulls to overcome in the current monthly expiry.
Despite the subdued performance of the key indices, there were several individual stocks that saw remarkable movements. Specifically, the Metal and Cement sectors performed exceptionally well, and moving ahead, we may expect stock-specific actions ahead of the monthly settlement.
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