Quote on Pre-market comment for Monday July 29 by Sachin Gupta, VP-Technical Research at Choice Broking
Below the Quote on Pre-market comment for Monday July 29 by Sachin Gupta, VP-Technical Research at Choice Broking
Indian equity markets are expected to open on a positive note, with GIFT Nifty trading around 24,215, up 124 points, indicating a firm start for domestic equities. Global markets remain mixed as investors await the U.S. Federal Reserve's policy decision and key corporate earnings. Brent crude oil has rebounded on renewed geopolitical concerns, which may keep commodity prices volatile.
The Nifty 50 ended Tuesday's session at 23,985.35, down 10.60 points (-0.04%), after another range-bound trading session. The index remained confined near the 24,000 mark throughout the day as option writers capped both upside and downside moves. The price action reflected continued consolidation, with buyers and sellers remaining evenly matched. Sectoral participation remained mixed, with IT, Realty, Pharma, Midcap IT, and Consumer Durables emerging as the strongest performers, reflecting continued buying interest in select growth-oriented sectors. On the other hand, FMCG, Chemicals, PSU Banks, Banking, and Metal witnessed selling pressure, indicating profit booking and relatively weaker market sentiment in these segments.
Technically, Nifty continues to face resistance near its 20-day EMA, while immediate support remains intact. The RSI stood at 49.55, PCR at 0.94, and India VIX eased to 12.56, indicating neutral momentum with lower volatility. Immediate support is placed at 23,850–23,900, while 24,250–24,300 remains the key resistance zone. The broader outlook continues to remain Sideways to Bullish.
Bank Nifty closed at 56,755.60, down 331.60 points (-0.58%), after facing selling pressure throughout the session. The index failed to sustain above the 57,000 mark and ended near the day's low, reflecting cautious sentiment in banking stocks. However, the broader structure remains stable despite the short-term weakness.
Technically, Bank Nifty found support near its 100-day EMA, suggesting that the medium-term trend remains constructive. A sustained move above 57,000 could trigger fresh buying, while 56,700–56,800 remains an important support zone. The expected trading range is 56,700–57,800, with the overall bias remaining Sideways to Bullish.
Domestic Institutional Investors (DIIs) remained supportive, with net buying of ?1,664.16 crores, while Foreign Institutional Investors (FIIs) also turned net buyers, investing ?755.33 crore in the cash market. Buying by both domestic and foreign institutions reflects improving market confidence and is likely to provide support to equities, particularly if the positive flow continues in the coming sessions.
Overall, the market continues to consolidate near the 24,000 mark, but the positive indication from GIFT Nifty suggests a firm opening. Easing volatility and steady domestic institutional buying continue to support sentiment. Traders may adopt a buy-on-dips approach while closely tracking the 23,900 support and 24,300 resistances for the next directional move.
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