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Nifty : 24021

Technical Outlook

Day that was ..

Indian equity benchmarks settled the day on a strong note despite muted global cues. The Nifty concluded at 24,021, up 0.8%. Nifty Mid and Smallcap ended with small gains. Sectorally, barring Auto and Metals, all indices closed in the green, with BFSI, Realty, and IT outshining the rest.

Technical Outlook :

• Nifty started the session on a flat note, however the index showed immense resilience by bouncing off the 23,800 mark, a gap area previously established on June 15, 2026. Consequently, the daily price action formed a piercing line bull candle, signaling buying demand at elevated support

• Index is likely to witness positive opening tracking weakness in crude oil prices. Over the past four sessions, the index has been consolidating between its 50-day and 100-day EMAs (placed around 23800-24150 levels) and retraced only 38.2% of its preceding rally 1100 points rally. The elongation of rallies followed by shallow retracement indicates structural improvement that in turn reflects the underlying strength

• Going ahead, we expect the index to resume its upward trajectory and decisively breach the 24,200 level (100-day EMA), which has been acting as a near-term hurdle and pave the way for an advance towards 200 days EMA placed around 24,500 in the coming weeks. Hence, any decline should be used to accumulate quality stocks, as strong support holds at 23400. Our Constructive bias is based on following observation :

• The ratio chart of Bank Nifty vs Nifty has breakout from a 5- years consolidation. This technical setup signals that the banking index is poised to accelerate its relatively outperformance and head towards 59300 in the coming month.

• The easing of geopolitical tension and opening of Strait of Hormuz has resulted into cooling off Brent Crude Oil prices that is trading at three months low ($73). In addition to that , decline in base metal prices bodes well for moderating inflation pressure. Consequently, we believe, some of the falling crude oil and base metal beneficiaries like OMC, Paint, Aviation, Auto, realty would be in focus going ahead

• The Midcap index is just 1% away from its All Time High, while catch up activity exhibited in the Nifty small cap which has logged a resolute breakout from 18 months falling trendline

Intraday Rational :

• Trend – Supportive efforts emerged from 50 days EMA that coincided with the gap area recorded on June 15, 2026

• Levels – Buy around 50% retracement of yesterday range

Nifty Bank : 58150

Technical Outlook

Day that was :

Bank Nifty Index staged a strong recovery and closed the day at four days high, at 58150, up 1.69%, Private banks led the show, up 1.85%

Technical Outlook :

• Index opened on positive note gradually inched upward as intraday dips were bought into throughout the session. The daily price action resulted into strong bull candle engulfing previous seven sessions price action, indicating buying demand at support zone. • Key point to highlight is that, on hourly charts Index has seen faster pace of retracement wherein 8 candles decline got completely retraced in just 3 candles. This structural improvement bodes well for continuation of up move towards target of 59300 levels in coming month as it is 80% retracement of Feb26-April26 decline.

• After five-year consolidation the ratio chart of Banknifty vs Nifty is on the verge of breakout indicating relative outperformance of BankNifty in comparison to Nifty

• The elevated buying demand highlights strength, thereby any decline towards 56200 should be capitsalied as incremental buying opportunity as its placement of 200-day EMA coinciding with 61.8% retracement of current up move(55726-58021)

• PSU Bank Index has formed small bull candle above its key moving averages indicating healthy consolidation. Going forward we expect Index to consolidate in range 8450-8800 in coming sessions

Intraday Rational :

• Trend - Faster retracement on hourly

• Levels – Buy around 50% retracement of yesterday range

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