NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 29 JULY 2020

Bulls are back action, after a negative Monday closing, the stock markets today bounced back strongly posting significant gains in the day’s trade. Both the Sensex and Nifty were up by around 1.5% at the close. While the Sensex was trading at 38492, up by over 558 points at the end of day’s trade, the broader market Nifty closed at 11300, up by over 168 points. Going ahead, the FOMC meet outcome (on 29th July) would be one of the key events to watch out for. Besides, the key economic data points would provide more clarity on the recovery in the economy. On the domestic front, earnings announcements from companies and auto sales numbers would be on investors’ radar. We advise continuing with a positive yet cautious approach as Nifty is inching closer to the next hurdle at 10355 levels. But it can be summarized that we have crossed the range bound movement. The markets should now be headed to 11400-11500 levels. The new support the market needs to respect on the downside is 11150.
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Resistance: 11400, 11500, 11600

Support: 11150, 11050, 10950