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Sensex (52653) / Nifty (15778)

Wednesday’s spectacular recovery was followed by a pleasant start yesterday in line with the global peers. During the remaining part of the session, we witnessed consolidation in a slender range in key indices. During the final hour, Nifty made an attempt to go beyond 15800 but due to lack of support from heavyweight constituents, Nifty concluded the session as well as the July series tad below the 15800 mark.

This has been one of the most boring series for our market and it can easily be seen if we compare the vis-a-vis performance. In fact, if we take a glance at the intra-month movement as well, we can see Nifty trapped in a slender range of 500 points. Now with last two days’ of expiry, Nifty is almost at the midpoint of the range and hence, it’s advisable not to take any directional view here. With a broader view, the trend remains sideways to positive till the time we do not slide below the crucial support of 15450. At the higher range of 15900 – 15950, one needs to stay light as we have witnessed surprising down move on multiple occasions after reaching this zone. So whether we will reach the millstone of 16000 and beyond in the August series or not, only time will tell us.

For the coming session. 15800 – 15850 would be seen as immediate hurdles; whereas on the lower side, 15700 followed by 15600 are the levels to watch out for. Yesterday it did not look like a monthly expiry session as there was no sign of volatility seen whatsoever. But the real show stealer was the Metal space as we saw vibrant moves in almost all counters from this universe. Traders are advised not to focus much on indices and rather keep focusing on individual themes.

Nifty Daily Chart

Nifty Bank Outlook - (34691)

Post Wednesday’s latter half recovery, we began the final day of July series on a cheerful note but in absence of fresh buying index corrected towards 34500 mark. However, the BankNifty didn’t see further damage and recovering in the second half to concluded the session with gains of almost half a percent.

Throughout the July series, we didn’t see any relevant directional move in the banking space as it traded in a range of 2000 points. On the final day of the series, still traders were hopeful seeing the smart recovery on Wednesday’s session; but unfortunately once again market disappointed traders by giving dull close. At this point in time, there is nothing much to be talked about, we are still trapped in the narrow range with no sign of hope. As far as levels are concerned, around 34000 is the immediate demand zone; whereas, the resistance is placed at 35000-35200 now.

Nifty Bank Daily Chart

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