Mid-market comment by Mr Shrey Jain, Founder and CEO SAS Online - India`s Deep Discount Broker
The Nifty surged past the 22000 mark, rebounding from recent lows around 21700 amid heightened global volatility last week. However, today both the Sensex and Nifty experienced a decline amidst ongoing market turbulence, with expectations of continued consolidation. From a technical standpoint, Nifty faces resistance at 22250, while maintaining support at 21,950. For the Bank Nifty, support lies within the range of 46575-46725, with resistance at 46975-47175.
Traders are likely to adopt a cautious approach, opting to observe market movements closely. We recommend seizing opportunities to buy quality large-cap stocks during dips. With no significant catalysts in sight, it's anticipated that the market will remain range-bound throughout this holiday-shortened week.
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Market Explorer - July 2024 by Religare Broking Ltd