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Nifty

Nifty opened on a flat note and remained in a small range throughout the day. Nifty closed at 24857 on 30th July, marking a gain of 21 points. On the daily chart, the index has formed a bearish candle with a long upper shadow, indicating both selling pressure and resistance at higher levels. The index is moving in a higher top and higher bottom formation on the daily chart, indicating a sustained uptrend. The chart pattern suggests that if Nifty crosses and sustains above the 25000 level, it would witness buying, which would lead the index towards 25100-25200 levels. Important supports for the day are around 24750. However, if the index sustains below 24750, it may witness profit booking, which would take the index towards 24650-24500 levels. Nifty is trading above the 20, 50, 100, and 200-day SMAs, indicating a positive bias in the short to medium term. Nifty continues to remain in an uptrend for the short term, making buying on dips our preferred strategy. The daily strength indicator RSI is moving upwards and is above its reference line, indicating a positive bias. The trend-deciding level for the day is 24875. If Nifty trades above this level, we may witness a further rally up to 24955-25050-25125 levels. However, if Nifty trades below 24875 levels, we may see some profit booking initiating in the market, which may correct Nifty up to 24780-24705-24605 levels.

Bank Nifty

Bank Nifty opened on a flat note and witnessed buying momentum for the first part of the session. However, selling pressure at higher levels erased most of the earlier gains. Bank Nifty closed at 51499 on 30th July with a gain of 93 points. On the daily chart, the index has formed a small bullish candle with an upper shadow, indicating selling pressure as well as resistance at higher levels. The index continues to move in a lower top and lower bottom formation on the hourly chart, indicating profit booking in the short term. The chart pattern suggests that if Bank Nifty crosses and sustains above the 51750 level, it would witness buying, leading the index towards 51900-52000 levels. Important supports for the day are around 51300. However, if the index sustains below 51300, it could witness profit booking, leading the index towards 51200-51000 levels. Bank Nifty is trading above the 50, 100, and 200- day SMAs, indicating a positive bias in the medium term. Bank Nifty continues to remain in an uptrend in the medium and long term. Therefore, buying on dips remains our preferred strategy. The daily strength indicator RSI continues to remain flat and is below its reference line, indicating the absence of momentum on either side. The trend-deciding level for the day is 51570. If Bank Nifty trades above this level, we may witness a further rally up to 51885-52270-52580 levels. However, if Bank Nifty trades below 51570 levels, we may see some profit booking initiating in the market, which may correct Bank Nifty up to 51185-50875-50490 levels.

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