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NIFTY TECHNICAL OUTLOOK

* In the bulls led rally in July. Nifty is trading near its all-time high, so we are likely to witness a volatile trading session in the coming days.

* The Nifty is currently facing strong resistance between 19,840 and 19,990 on a closing basis. During this time, there may be some profit booking at higher levels.

* Nifty has strong support at the 19,370 mark, supported by the Golden Ratio i.e. 61.8% of Extension. If it fails to hold this support, i.e. 19,370 on a closing basis, then we may see further sell-off, potentially taking the Nifty towards 19,000/18,800.

* The daily momentum indicator is trading near the overbought zone, indicating a potential correction or consolidation in the index. The overall market outlook remains cautious and some volatility can still be expected. Traders should consider taking profits during rallies and look for opportunities to buy on dips. Any dip towards 19,370-19,200 will contribute to strengthening the Nifty.

BANKNIFTY :-Technically, the Bank Nifty has immediate support at 45,500. A close below 45,500 may extend the fall towards 45,000/44,600. On the flip side, resistance is positioned at 46,200 levels. Beyond that, the Bank Nifty may witness a strong positive rally towards 46,800-47,400 levels.

DERIVATIVES OUTLOOK

* The Nifty Jul rollover of 83.95% is higher than its Three months average of 70.26% and its six months average of 72.84%.

* The Banknifty Jul rollover of 77.43% is lower than its Three months average of 79.71% and its six months average of 83.36%.

* The market wide rollover of 90.63% is lower than its three months average of 92.2% and its six months average of 92.57%.

* Nifty is opening the series with above average open interest which means that the index is likely consolidate for a few days before continuing the positive trend.

* The Index options OI for Aug series is indicating that index is likely to remain range-bound for the first part of the series.

* The PCR and VIX are both starting with low numbers indicating positive bias.

View: The index is likely to remain rangebound in the first half of Aug series with important supports placed at 19500-19000 levels and resistance at 19800-20000 levels.

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