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Market Review:

Indian markets kicked off the month of July with remarkable strength. Rally was backed by strength in metal, oil & gas, and financial stocks. The barometer S&P BSE Sensex advanced 486.49 points or 0.75% to 65,205.05. The Nifty 50 index added 133.50 points or 0.70% to 19,322.55.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 19400. If nifty closes above that, further upside can be expected towards 19500-19620 mark. On the flip side 19250-19180 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 19400 and on a decisive close above expect a rise to 19500-19620 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 45640 levels on the upside and on a decisive close above expect a rise to 46000-46280. There is an immediate support at 45000-44670 levels.

Technical Call Updates

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