Market outlook 27 - 31st July by Nifty50 & Bank Nifty by Monarch Networth Capital
According to Monarch Networth Capital (MNCL), the Nifty50 has support at the 23,000–23,200 levels and resistance at 24,300–24,500 this week. The Nifty50 witnessed selling pressure primarily due to weakness in private banking stocks, cautious global sentiment, and continued foreign institutional selling, despite strength in select IT and auto stocks.
The Volatility index (India VIX) gained 6.69% last week, closing at 14.03 level, and MNCL expects the benchmark to trade volatile this week too. Meanwhile, the Nifty Bank—which declined more than the benchmark last week due to significant weakness in major private banks—has support at 55,000–55,500 and resistance at 58,000–58,500. The Banking Index, too is likely to trade volatile, in line with the benchmark.
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