NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 24 JULY 2020

Bulls got charged after 1 day pause and helped the nifty to gain over half a percent bouyed by correction in European and Asian equities. Sensex ended 268 points higher at 38140 and Nifty closed 82 points higher to 11215. Global markets set aside the rising US-China tensions and focused on potential vaccine developments and better than expected earnings numbers.Domestically, except for IT, most major indices were in the gains.

Liquidity seems to be driving the markets. The index formed a bullish candle on the daily scale and needs to hold above 11200 to extend gains towards 11250, and then 11300 -11500 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 11200 and then 11100 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 11000. 

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Resistance: 11300, 11500

Support: 11200, 11000